Triple Group, a Canadian real estate company, has officially purchased the Penobscot Building in Detroit, one of the city’s most historic skyscrapers. The 568-foot (173-meter) tower, Detroit's third tallest, sold for $5 million, which amounts to about $5 per square foot, according to the Wall Street Journal.
Find a list of Detroit's tallest buildings here.
This company also bought the Pontiac Silverdome in 2009 for $583,000.
The previous Penobscot Building owner, Northern Group of New York, purchased the tower for $14 million in 2005.
Local press reported last month that the building was going to be sold.
Detroit's downtown has a vacancy rate of about 27 percent, which is a small improvement on last year's 28 percent, the Journal reports. The Penobscot Building is about 50 percent vacant.
The purchasing company, Triple Group, plans to attract more tenants by upgrading the building and reducing rents.