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GM to Move Detroit Headquarters to Dan Gilbert-Owned Tower (Bloomberg)



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Bloomberg News

The article below is sourced from Bloomberg Wire Service. The views and opinions expressed in this story are those of the Bloomberg Wire Service and do not necessarily reflect the official policy or position of NADA.

General Motors Co. is planning to move its downtown Detroit headquarters across the city to the Hudson’s building, a new 1.5 million-square-foot project being developed by billionaire Dan Gilbert, said people familiar with the matter.

For GM, the deal makes the automaker a long-term fixture in the revival of Detroit’s downtown, which Gilbert has been spearheading by acquiring and developing 45 major office, retail and hospitality properties. It would give Gilbert, chairman of mortgage lender Rocket Cos. Inc., an anchor tenant for the office portion of the $1.4 billion building.

By committing to Detroit, GM will continue to be the only major automaker still based in the city. The carmaker has about 5,000 employees downtown and thousands more in its Tech Center about 12 miles north of its current headquarters. GM has one factory in the city, its Factory Zero electric vehicle plant.

GM Chief Executive Officer Mary Barra and Gilbert are hosting a press conference at the building, officially named Hudson’s Detroit, at 4:30 p.m. Eastern time today, when they are expected to announce the move.

Relocating to the new building would mean GM leaves behind its space at the Renaissance Center office tower, the automaker’s longtime headquarters. The two sides have discussed plans to redevelop the Renaissance Center, the people said, though it’s unclear what shape that will take.

Gilbert has been redeveloping Detroit since he moved the offices of his Quicken Loans and other companies he owns to the city in 2010. That brought Gilbert’s first 1,700 employees into the city. He has been on a buying spree since then, snapping up historic buildings and redeveloping them.

Hudson’s Detroit is located on the historic site of the former Hudson’s Department Store, which was demolished in 1998. Gilbert bought it in 2007 with the dream of building the tallest tower in the city on the property.

(Updates with GM real estate property in the third paragraph)

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