In a cost-saving move that is expected to relocate Wayne County government and save taxpayers millions of dollars, the county has agreed to purchase the historic, 40-story Guardian Building in downtown Detroit for $14.5 million, Wayne County Executive Robert A. Ficano announced today.

The county also has signed an agreement to buy an adjacent 30,000-square-foot, glass-front building on Woodward near the Coleman A. Young Municipal Center for $2 million and the 1,450-spot First Street Parking Deck for $17 million.

The $33.5-million investments are pending approval of the Wayne County Commission. Financing would be accomplished through bonding.

"This is a historic day for Wayne County," Ficano said. "Our taxpayers have acquired needed assets at very affordable rates, including one of the gems of downtown Detroit.

"These acquisitions will enable us to consolidate offices in a state-of-the-art office building. Our taxpayers will become owners of assets instead of paying millions of dollars in rent each year," said Ficano.

The county's executive and commission offices have been headquartered at the Wayne County Building. But the county recently notified the private owners, The Old Wayne County Building Limited Partnership, that the county would not renew its lease when it expires on Oct. 31.

Ficano said the county has not decided how many employees will be transferred to the Guardian Building from other county locations in Detroit. About 500 of the county's 5,000 employees work in the Wayne County Building.

Finished in 1929, the 750,000-square-foot Guardian Building is one of the highest towers in Detroit and among the tallest brick buildings in the world.

A national historic landmark, it is about 50 percent occupied with about 500 employees from such tenants as the SmithGroup, Wade Trim, Ambassador Capital, LaSalle Bank, the Detroit Economic Growth Corporation and others. All tenants will remain.

A variety of retail outlets and restaurants also are in what is one of the few Art Deco skyscrapers in the world.

"We have greatly enjoyed the opportunity to bring the Guardian Building back to life," said Danny Samson of the Sterling Group, which owns the building with a New York firm. The Sterling Group will continue to manage the building and also is a tenant. "We are very pleased that the building will realize 100 percent occupancy with a caretaker that will continue the commitment to the building's history and future."

The building was only six percent occupied when the owners purchased it in 2003. The owners have spent millions in renovations, including new elevators, windows and heating system. It generates an annual profit, as does the parking deck, Samson said.

The nine-story parking facility, located on First Street between Congress and Fort, is fully occupied and is a popular parking location for sporting and other events.

Located at 511 Woodward, the four-story glass building was built in the mid 1970s and formerly was the headquarters of Detroit Savings and Loan Bank. It has been vacant for about seven years.

In the past 20 years, the county has paid more than $100 million in rent at the Wayne County Building on Randolph. The owners have offered to sell the building to the county for $52 million, although it has been independently appraised at $1 million.

Searching for cost-saving options, the county hired a real estate firm in 2006 to study 11 possible sites for leasing or purchase before county officials approached Guardian owners concerning a lease or sale. The original asking price for the Guardian Building was $40 million.

"The Guardian Building has a positive cash flow,'' Ficano said. "This was not an emotional or political decision. It was a business decision that our taxpayers expect and deserve."