News: GM CEO Updates Restructuring

General Motors President and CEO Fritz Henderson held a media conference call this morning to provide updates on the company's restructuring efforts.  The headlines are as follows:

• Bankruptcy is still very probable.
  
• Negotiations continue with two potential buyers for HUMMER.  Deal could happen within two weeks.
  
• Several parties are interested in Saturn.  No deal imminent.
  
• GM is looking at the possibility of moving its headquarters out of Detroit's Renaissance Center.
  

The HQ note is quite a surprise.  The Detroit Free Press reports Henderson dodged answering specific questions about a possible move.  GM moved into the RenCen in 1996 and immediately spent $500 million to upgrade the complex which was originally built by the Ford Motor Company's real estate arm and opened in 1977.  GM financed the upgrades and leased the building from the lenders.  When the lease expired on May 1, 2008, GM bought the building for $626 million in cash according to documents filed with the Securities and Exchange Commission.

If GM is seriously considering selling the RenCen, how much could the company get on the still struggling Detroit real estate market?  And, what building would GM move headquarters operations into?