The city announced today that automotive seating supplier Adient has acquired the Marquette Building. According to the release, the company will invest approximately $98 million in Detroit, of which $75 million will be for the acquisition and renovation of the Marquette Building.
The 10-story, 164,000-square-foot building sold to a different buyer in early 2015 for $5.8M.
The Marquette Building is located at 243 West Congress, across from the Cobo Center and next door to the soon-to-be-open Foundation Hotel (more on that in the near future).
According to the release, Adient will invest approximately $50 million into renovating the building to establish its global headquarters and bring roughly 500 jobs to the city of Detroit, of which approximately 100 will be newly created. Adient is the first Fortune 500 Company to establish headquarters in Michigan since Borg Warner moved from Chicago to Auburn Hills in 2003.
For selecting Michigan as the site of its global headquarters, Adient will receive approximately $2 million from the Michigan Business Development Program for new job creation. The company looked at 40 potential sites within and outside of Michigan for its headquarters and ultimately selected the Marquette Building. In the coming weeks, a proposal will be sent to the City Council on a package of city incentives expected to include property tax abatements and brownfield tax credits.
They expect to finish renovation and move their employees downtown in about two years.