They own the Pontiac Silverdome.
Now they've snapped up a downtown Detroit landmark: The Penobscot Building, Detroit's third tallest officer tower, the Wall Street Journal reports.
The paper reported that the Apostolopoulos family of Toronto bought the Detroit building for a measly $5 million. In its day, it was one of the classiest office buildings in downtown Detroit, filled to the brim with lawyers.
That bargain-basement price comes down to $5 a square foot, far below the $28 range downtown Detroit buildings were costing last year, the Journal reported. There may be a reason: The office vacancy rate in downtown Detroit 26.5 percent, far above the national average.
The Canadian company bought the Silverdome a few years ago for $583,000.
The vacancy rate of offices in Detroit is 26.5 percent. -- A.L.
