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Perks keep Fed-Mogul in HQ.(News)(Federal-Mogul Corp.'s $38 million deal)
Crain's Detroit Business, May, 2003
Byline: Terry Kosdrosky, Jennette Smith A slow real estate market and the right to break a lease helped Federal-Mogul Corp. reach a deal to save $38 million and stay at its headquarters. Earlier this year, the company asked a U.S. Bankruptcy Court judge for permission to break its lease and move to the nearby Travelers Tower in Southfield.
Bankruptcy law allows companies to break agreements such as leases with court permission. But the company renewed talks with its landlords, Northwestern Associates L.P. and a partnership led by Dana Commercial Credit Corp., and got a better deal than the one offered by the Travelers Tower owner, The Kojaian Cos. Federal-Mogul's headquarters, where it has been since 1966, is at Lahser Road and the Lodge Freeway....
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