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.

2 Comments so far

  1. mike (unregistered) on July 22nd, 2007 @ 6:48 pm

    Alot you say! dude that just seems freakin crazy low. 353 million for 35 story building smack in the middle of down town……………

  2. Kevin (unregistered) on July 23rd, 2007 @ 2:40 pm

    That’s dirt cheap, as I’ve mentioned in other places before. Best I can tell it was purchased prior to this for $12 million. If someone thinks this is a lot of money for the Guardian Building they really need to get out and get a little perspective. There are houses in SE Michigan going for over $8 million right now. Let’s see 9,000 sq/ft house or 750,000 sq/ft skyscraper? Anyone else see how ridiculously cheap that is? And how overpriced a lot of houses in SE Michigan are, or where?

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