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DTE Energy finds buyer for Guardian; Part of larger plan to divest real estate.

Publication: Crain's Detroit Business
Publication Date: 04-AUG-03 		Format: Online - approximately 1214 words
Delivery: Immediate Online Access
Full Article Title: DTE Energy finds buyer for Guardian; Part of larger plan to divest real estate.(firm divesting unneeded property)

Article Excerpt
Byline: Amy Lane, Robert Ankeny, Jennette Smith

DTE Energy Co. has found a buyer for the Guardian Building, the second major Detroit development that the company is negotiating to sell as part of a strategy to divest unneeded property.

Boston-based Boston Capital Institutional Advisors L.L.C. is the potential buyer, with the Detroit-based Sterling Group as local partner and manager, said Bill Kraemer, managing partner of Boston Capital. Gary Torgow is president and owner of The Sterling Group.

The Guardian is 17 percent occupied, with its biggest tenant the architectural and engineering firm SmithGroup. The Guardian Building had been the headquarters of MCN Energy Group Inc. MCN employees moved to DTE headquarters after the company was acquired by DTE in 2001.

John Erb, DTE manager of corporate real estate administration, would not confirm the purchase price. The initial list price was $13.5 million. Cushman & Wakefield of Michigan Inc. is DTE's broker. Erb said the deal could close by Sept. 30.

The impending sale is part of DTE's goal to shed much of its real estate and put the cash into its...

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