Detroit — A 45-story downtown building that was once the headquarters of Comerica Inc. is up for sale. The asking price is apparently in the neighborhood of $100 million.
One Detroit Center, a “Neo-Gothic spire-topped tower” at 500 Woodward Ave. between Congress and Larned, is the state’s tallest office building, according to the building’s website. The building was known as Comerica Tower at Detroit Center, but the financial institution relocated its headquarters to Dallas in 2007.
One Detroit Center remains a “Class A” building — meaning it’s in excellent condition with top-notch amenities — that’s 75 percent occupied, according to CoStar Group Inc., a commercial real estate information service. The property includes two adjacent parking structures.
The property’s majority owner is New York-based iStarFinancial Inc. with the Detroit Police and Fire Retirement System having a 10 percent stake. Representatives for iStar and the Detroit police and fire pension fund didn’t return phone calls to the The Detroit News Wednesday.
The potential sale of the building was confirmed by Steve Morris, the managing principal of Axis Advisors LLC, a commercial real estate service firm in Farmington Hills. Morris said he’s been told about the potential sale through several sources involved with the building.
Crain’s Detroit Business reported late Tuesday the police and fire pension fund rejected an offer to buy the building at $100 million last month.
One Detroit Center bills itself as Michigan’s tallest office building because of its 45 floors, two of which are below street level. The nearby Penobscot Building has 45 floors that are above-ground level but One Detroit Center contends its floors are taller.