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This Just In.

Publication: Crain's Detroit Business
Publication Date: 09-APR-07 		Format: Online
Delivery: Immediate Online Access
Full Article Title: This Just In.(iStar Financial Inc. acquired One Detroit Center L.P.)(Saturn Electronics & Engineering Inc. sold one of its division to Eaton Corp.)(RDR Real Estate L.L.C. acquired Detroit Elevator Co. building)

Article Excerpt
One Detroit Center changes hands

Tenants and office brokers reported last week that the One Detroit Center Building downtown is under new ownership.

One Detroit Center L.P., led by Hines Interests, has turned the 500 Woodward building over to mortgage-holder iStar Financial Inc., the sources said.

Parties directly involved in the deal could not be reached on Friday, but sources with access to information about the transaction said the deed in lieu of foreclosure means the property is expected to be held by iStar and an unspecified institutional investor. Management and leasing will likely shift to investment adviser Mayfield Gentry Realty Advisors.

The building's vacancy has increased with move-outs by tenants such as Ernst & Young; Comerica Inc.'s regional headquarters lease runs until 2012.

- Jennette Smith

Saturn Electronics to sell division to Eaton

Auburn Hills-based Saturn Electronics & Engineering Inc. on Thursday said it has agreed to sell its Oxford-based fuel components division to Cleveland-based...

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