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GM May Sell Detroit Home Base

Firm seeks investment from pension funds in landmark Renaissance Center

By Nick McMaster, Newser Staff

Posted Oct 7, 2008 4:46 PM CDT

(Newser) – General Motors will ask to borrow $500 million from pension funds for Detroit city employees to refinance its headquarters, the Renaissance Center, the News reports. The firm will make a pitch to the police and fire retirement system Thursday; GM will consider selling the landmark and leasing office space inside if it can’t get the funds. No matter what, GM said, it will not leave Detroit.

[Images (4)]

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A Navy Corvair flies by the Renaissance Center in Detroit during opening ceremonies at Red Bull Air Race on Saturday, May 31, 2008 in Windsor, Ontario, Canada. (AP Photo/Jerry S. Mendoza)

The Renaissance Center, General Motors' world headquarters in Detroit, is seen from Windsor, Ontario. (AP Photo)

General Motors Corp. headquarters are shown in Detroit in this 2006 file photo. (AP Photo)

In this April 18, 2006 file photo, U.S. flags fly outside of General Motors world headquarters in a Detroit. (AP Photo/Paul Sancya, File)

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We are committed to the city. We have no plans to move.
- John Blanchard

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GM May Sell Detroit Home Base