Not long ago, Ford's Premier Auto Group was filling the halls of a big office building in Irvine California. In recent years, Aston Martin, Land Rover and Jaguar were sent packing, and Lincoln dragged itself back to Detroit, leaving the halls lonely for sole survivor Volvo, which is also headed back to Rockleigh, New Jersey.
Rather than pay for a constantly emptying building, Ford has sold its Premier Auto Group HQ to Transpacific Company. The $73 million dollar deal removes a liability from Ford's balance sheet, although Ford had already been leasing space to Taco Bell's parent company. The fast food corporation will move its headquarters to the Irvine, California building in 2010. So it goes as Ford divests itself of properties and restructures.
Although we have yet to receive official confirmation, word is that the big weekly Cars & Coffee meetup that happens in Mazda's parking lot nearby will continue. Thanks for the tip, Will!
[Source: The Los Angeles Times]