GMAC to Get $110M Conversion From Liberty

Liberty expects their new project to cost around $110 million though they will not reveal the price of the acquisition. The building was opened in 1964 and acquired by it’s present owner, 1100 Virginia Dr. Assc., in 1986. The acquisition should close within the next six months and renovations will begin immediately with a completion date scheduled for early 2007. GMAC will move in under a 12 year lease with a right to expand, though the company is unsure at what date they will be moving into the excess space. Before half of the lease is up, GMAC is expecting to occupy the entire amount of space available to the company.

The other companies in the building will retain their leases until the established expiration date, when the space will then be offered up to GMAC. The expo center space that will be occupied may leave trade shows and conventions in the cold. As many as 22 different shows have contracted the space, which may no longer be available for them. The loss of the business from the shows could be devastating to the local hospitality industry, a major concern for those watching the acquisition.