Lear Corp. buys downtown Detroit building
Southfield-based Lear Corp. has purchased a 50,000-square-foot building in downtown Detroit that will be used as a satellite administrative office, a company spokesman confirmed Thursday.
The second-largest maker of auto seating did not release price details and does not yet know how many employees would move in — or when. The building is located at 1465 Centre St. at Grand River Avenue.
“We’re in the process of developing plans,” said Mel Stephens, senior vice president of communications and facilities. “Lear has its roots in Detroit and we support the turnaround.”
Stephens said the building, built in 1911, needs to be renovated and customized to Lear’s specifications.
Lear in August said it was looking for acquisitions of as much as $1 billion for its electrical unit as automakers' demand for global vehicle platforms drives consolidation among their suppliers. The electrical unit, which supplies control parts and systems, generated 46 percent of operating earnings last year from about a quarter of the company's $17.7 billion in sales.