VAN BUREN TOWNSHIP, MI-Visteon Corp., an automotive supplier, has sold its relatively new headquarters complex here to New York City-based Sovereign Partners LLC. The sale-leaseback deal for the Grace Lake Corporate Center closed for $81.1 million.
Visteon had owned the 287-acre office property, which it built here in 2004 as its new HQ to allow the supplier, formerly a Ford Motor Co. affiliate, to move out of Dearborn. Visteon has signed a 15-year lease to occupy a 527,000-square-foot office where its corporate staff and innovation center are located.
General Electric and Dana Holdings Corp. also lease space in the 10-building complex. Dana, another auto supplier, has about 68,000 square feet and GE uses the about 285,000 square feet for its Advanced Manufacturing and Software Technology Center.
Both Visteon and Dana have moved through bankruptcy cases since the recession. Visteon completed its reorganization plan and emerged in October 2010. The company operates in 27 countries.
A company spokesman tells GlobeSt.com that the sale was not part of the reorganization plan. “By selling this property we can free up capital from a non-automotive asset, and continue to drive global growth in our business,” he says.
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