SOUTHFIELD, Mich. (Nov. 4)—Federal-Mogul Corp. is re-evaluating its corporate location in a bid to lower overhead costs. Under bankruptcy protection proceedings, the company is afforded the opportunity to review its executive contracts such as leases. Federal-Mogul needs less space than it currently leases, a spokeswoman said, and believes it can find more competitively priced office space. The manufacturer is looking at other properties near its current headquarters, as well as negotiating the possibility of a new lease at its current site, the spokeswoman said. It should have a decision on a new lease within a few weeks.