Why Rent When You Can Own
Wayne County Executive Robert Ficano announced this week that the county is purchasing the 36 story Guardian Building, an adjacent office site and the 1st St. Garage at the corner of !st St and W. Congress. Price tag? $33.5 million. The Guardian itself went for $14.5 and the garage for $17 million. It sounds like a lot of mulla but when you consider that they payed over $102 million since 87′ to rent the old Wayne County Building at Randolph and Congress, it’s a steal. One question comes to mind. Why the @#$% didn’t the county do this a long time ago. Next time you walk by the old county building, ask yourself: Why would anyone rent it for $5 mill a year?? That is more than three times the going price for property this size.