Despite GM's massive $3.3 billion dollar loss for the first quarter of 2008, the General has gone ahead with the purchase of its previously leased headquarters in Detroit. The deal went through for GM to purchase the Renaissance Center for a cool $626 million as well as forking out another $200 million for two office properties in Pontiac.

GM moved to its current headquarters in 1996 and spent around $500 million on renovations and improvements to its headquarters, which were originally built by Ford during the 1970s. These improvements were paid for through loans, and the building was leased from lenders until May 1 this year, when the lease expired, which is when GM decided to purchase the building.

GM claims that the state of the real estate market prompted them to purchase the headquarters outright, rather than continuing to lease, but it is still open to reselling the building and entering another lease agreement if the conditions are right, reports the Associated Press.