GM Goes From Leasing to its Own HQ

Current uncertain situation on the real estate market is a plethora for a profitable purchase of property. General Motors is one of the companies that managed to take advantage of this fact and buy its Renaissance Center headquarters in Detroit. The company paid for it $626 million in cash and around $200 million for two office buildings in Pontiac.
According to Renee Rashid-Menem, GM spokeswoman, the leasing was to be renewed on the 1st of May. But taking into consideration current conditions at real estate market, the company saw a good opportunity to make the deal mentioned above. In the event the situation on the market improves the company would be able to sell its new property and come back to leasing again.