DETROIT (WWJ) One of the city's most iconic sky scrapers has a new owner.

Canadian real estate firm Triple Properties has reportedly purchased the Penobscot Building for $5 million. Ownership of the building has changed multiple times over the past couple decades. Triple-- which also owns the Silverdome-- bought the building from an investment firm that had obtained it through foreclosure.

But it seems Triple Properties has a plan to stay -- WWJ's Violet Ikonomova reports it will undercut average rental rates for downtown office space-- and offer space for $10 per square foot.

Currently about half of the building is in use.