May 9, 2008
GM buys its Detroit headquarters for $626 million
“We opted to purchase it outright because of the condition of the real estate market”
General Motors Corp. said Thursday that the shaky real estate market convinced the automaker that it was a good time to buy its previously leased headquarters in downtown Detroit's towering Renaissance Center for $626 million.
GM revealed the May 1 purchase in a filing Thursday with the Securities and Exchange Commission. GM said it paid $626 million cash for the headquarters and $200 million cash for two office properties in nearby Pontiac.
The move comes in the face of GM's own business difficulties, including a $3.3 billion loss in the first-quarter, when Toyota Motor Corp. took the lead in global sales. Read more
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