New Lease On Life? Detroit Skyscraper Bought In Foreclosure

DETROIT (WWJ) One of the city’s most iconic sky scrapers has a new owner.

Canadian real estate firm Triple Properties has reportedly purchased the Penobscot Building for $5 million. Ownership of the building has changed multiple times over the past couple decades. Triple– which also owns the Silverdome– bought the building from an investment firm that had obtained it through foreclosure.

But it seems Triple Properties has a plan to stay — WWJ’s Violet Ikonomova reports it will undercut average rental rates for downtown office space– and offer space for $10 per square foot.

Currently about half of the building is in use.

 

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