A New Deal for General Motors and a Bubble Building on Steroids

Wednesday, October 29, 2008
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GM CEO Wagoner is lined up at the trough and he’ll get his money. How funny is it that two disastrously-run companies that can’t sell their products are wanting to merge? Meanwhile, they both face troublesome real estate problems. General Motors can’t unload the Renaissance Center, and then there’s the Chrysler building. This thing is massive – your typical bubble building on steroids.

Brokers are already puzzling over what could happen to the 5.3 million-square-foot Chrysler World Headquarters and Technology Center in Auburn Hills, Mich., about 30 miles north of Detroit. The complex is billed as one of the largest buildings in the U.S. under one roof; by comparison the Pentagon contains about 6.6 million square feet of office space. Geoff Adaire, a senior vice president in Chicago with Studley, a real-estate services firm, says the facility’s space would be difficult to repurpose.

No kidding!

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