Among General Motor's restructuring and cost slashing activities of 2018, GM was apparently in talks to sell their headquarters in Detroit. GM bought the Renaissance Center in 1996 for $70 million and has made substantial renovations over the years. The RenCen, as it is also known, was originally built by Ford in 1971 who later sold it in the 1980s.
The potential buyer was billionaire Dan Gilbert. Talks fell through rather early because the aging structure requires expensive upgrades to its heating and air conditioning systems along with other renovations. There does not appear to be another buyer in talks with GM at this time.
News of the potential sale follow a year of cost cutting measures by the company that include closing five North American plants and cutting up to 14,000 jobs. The company hopes to have $6 Billion in annual savings by 2020.