DETROIT — Seating supplier Adient plc lost more than $11 million in the sale of its planned downtown Detroit headquarters property across from Cobo Center, the home of the Detroit auto show, Crain’s Detroit Business reported on Thursday.
A $25 million sale of the 164,000-square-foot Marquette Building at 243 W. Congress St., an approximately 400-space parking deck at 328 W. Congress and a surface parking lot at 225 W. Congress closed Wednesday to an entity tied to Detroit-based real estate company Sterling Group, according to a source familiar with the matter.
The source said Sterling Group plans to market the property for lease.
Adient didn’t respond to an email from Crain’s Detroit Business seeking comment on the transaction. Crain’s is an affiliate of Automotive News.
The spinoff of Milwaukee-based Johnson Controls Inc. paid $36.13 million to acquire and improve the property over the course of a year between November 2016 and November 2017, according to city property records.
It’s not known how much money the company sunk into what was to be its new headquarters in the Marquette Building, a $100 million plan for which was scrapped this summer. Adient will remain in its suburban Detroit headquarters, a spokeswoman said at the time.
Detlef Juerss, the company’s vice president of engineering and chief technology officer, said in August that the downtown Detroit plan was a mistake. “Detroit was not the right timing,” Juerss said at the 2018 CAR Management Briefing Seminars in Traverse City, Mich. “We should have spent that money somewhere else.”
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