Wayne County to buy downtown office for $25M

Driving the news: The $25 million deal would give Wayne County the former Michigan headquarters of Comerica Bank at 411 W. Lafayette — a 343,000-square-foot building with 243 covered parking spaces.

• The county expects to spend another $13 million renovating and outfitting the building, while saving about $2.8 million annually on leases.

By the numbers: The $25 million price is well below two estimates of the property's value: a $37.8 million appraisal and a broker's estimate of $45 million-$55.2 million, according to county documents obtained by Axios.

Flashback: Sterling Group, led by major Detroit developer and philanthropist Torgow, bought the building from Comerica less than a year ago. The sale price wasn't publicly disclosed.