Press Release

GM Annunces Plans for Renaissance Center in Downtown Detroit

09/19/96

GM Outlines Development Plans for New Global Headquarters


DETROIT, Sept. 17 -- Development plans were outlined
today for transforming the Renaissance Center in downtown Detroit into
General Motors' new global headquarters and a linchpin for
the city's revitalization efforts.

"This city is our home and we want to make it better," GM Chairman
John F. Smith, Jr. said. "We are playing our part in pulling the city
together: not only symbolically, but geographically and economically."

GM will transform the Renaissance Center, he said, into a world-class
corporate headquarters -- a highly effective business environment that
is expected to play a pivotal role in helping to reinvigorate Detroit.

Smith said that he and other senior GM executives plan to occupy
offices by year's end in the landmark four-tower office complex and
hotel on Detroit's riverfront. The new GM headquarters will be called
"General Motors Global Headquarters at the Renaissance Center." While
additional GM offices will soon be located there as well, the complete
transition of headquarters activities to the site is expected to take
between two and five years.

GM announced in May that it would acquire the riverfront site to
replace its 76-year-old headquarters building in the City's New Center
Area (an area comprising major medical, university and business
districts, and neighborhoods about four miles north of the Renaissance
Center). Smith said the current headquarters building on West Grand
Boulevard will be renovated for use by the City of Detroit.

Concurrently, Detroit Mayor Dennis Archer announced today that he
plans to move city offices to the renovated GM Building, as part of
the Detroit government center in the New Center Area. Archer said the
city's space in City County Building downtown will be renovated with
GM's help, placed on the property-tax rolls and made available for
lease as "Class-A" office space to encourage business tenants to
remain or relocate downtown.

Smith told business and civic leaders today that GM's purchase of the
Renaissance Center, which is expected to be completed by year's end,
is the catalyst for a number of activities, all focused on several key
objectives:

-- Creating a 21st century global headquarters complex in the heart of
Detroit's downtown area that can serve as a symbol of GM's commitment
to corporate and civic leadership.

-- Encouraging current Renaissance Center business tenants to remain
downtown, and attracting new businesses to a revitalized central
business district.

-- Assuring that the New Center Area remains vital and becomes a new
landmark of community pride.

-- Building a stronger relationship between the General Motors team
and other Detroiters to accelerate the core city's resurgence and to
help assure Greater Detroit's long-term economic future and vitality.

Acknowledging much remains to be finalized, Smith said GM envisions
the following key changes at the Renaissance Center:

-- Renovation of the Renaissance Center complex to reflect GM's global
focus, technological sophistication and commitment to new and more
effective ways of working.

-- Inclusion of the main campus of a GM University that would serve as
the hub of a learning program for GM employees around the world.

-- Significant upgrades of the hotel, retail, dining, and
entertainment areas at the center.

-- Reworking of the Renaissance Center's public-access areas to make
it easier and more efficient to get around.

In addition, Smith said GM is working with the city and owners of
property along the river to:

-- Create a riverfront promenade with direct access to shops and
restaurants in the complex.

-- Create additional "Class A" office space so that tenants currently
in the Renaissance Center can remain downtown after their current
leases expire.

-- Improve traffic flow and parking access in the Renaissance Center
area, working with the city, the county and the state.