Price drop: Borders corporate headquarters in Ann Arbor now for sale at $10 million

However, the bookseller says it's seeking to move to less expensive and smaller headquarters in the region as part of cost-cutting related to its recent bankruptcy filing.

That leaves Agree Realty Co. of Farmington Hills holding the building on Phoenix Drive and facing either finding a new tenant or a buyer for the building.

In fall 2010, a previous listing priced the property at $18.349 million. However, that listing also touted a 12-year lease with a corporate tenant that had an option to renew. It also included an adjacent building, giving it a total square footage of 460,000 square feet.

The new listing is for the 330,000-square-foot main headquarters.

Borders once filled the property with as many as 1,800 employees, a number that's likely below 500 today.

Since the listing last fall, Agree has successfully listed and sold other properties in its multi-state portfolio that were solely leased to Borders. At that time, 27 percent of Agree’s $34 million in rental income came from 17 leases to Borders.

Today, Agree says it has 14 properties leased to Borders.

Meanwhile, the building is assessed by the city at $10.6 million, giving it an estimated market value of $21.2 million. That assessment reflects the quality of the rental income stream - it was $15.9 million in 2009.

The listing is with Steve Gordon and Jay Chavey of Signature Associates.