-3.3 million square feet of property acquired
-1.3 million square feet of newly leased office and retail space to 70 new tenants
January 6, 2016 [DETROIT] – Businesses of all sizes – from national and international retailers to Fortune 500 companies and local, entrepreneurial ventures – continue to pour into downtown Detroit at an extraordinary pace. Bedrock Real Estate Services today announced 70 new tenants signed leases in 2015 encompassing nearly 1.3 million square feet of retail and office space in the city’s urban core, the largest lease volume since Bedrock began acquiring downtown properties in 2011. 53 new leases were signed in 2014 totaling 1.1 million square feet.
“The demand to be downtown is very strong and we plan to continue investing and creating new opportunities so others can join us and participate in the fascinating story of Detroit. Soon, the biggest challenge will be lack of adequate supply for the anticipated demand in the marketplace,” said Dan Gilbert.
New leases signed in 2015 include Ally Financial, the largest new tenant, which will occupy 13 floors (321,000 square feet) and bring 1,500 employees to the newly named Ally Detroit Center this spring. New tenants that signed leases this year include a diverse group of retailers, restaurants, medical and dental offices, innovative technology startups, law firms, coffee shops and fitness facilities. For a complete list of new tenants and a timeline of major announcements, click here.
“Detroit’s Central Business District (CBD) grew substantially this year with the addition of more technology-centric businesses, new shopping and dining destinations and world-class art. Many additional new tenants will be announced in 2016,” said Dan Mullen, Executive Vice President of Bedrock Real Estate Services. “Downtown Detroit is more vibrant than ever offering unique experiences and business advantages. The demand is diverse and impressive: from millennials and start-up technology businesses, to empty nesters and Fortune 500 companies, the interest in Detroit is growing stronger every day.”
Bedrock also continues to make significant investments in the city by acquiring iconic, historic properties and bringing them back to life. Major acquisitions in 2015 include:
*Ally Detroit Center
-1 million square feet
-500 Woodward Ave.
-241,000 square feet
-1256 Washington Blvd.
-246,000 square feet
-1248 Washington Blvd.
*David Stott Building
-210,000 square feet
-1150 Griswold St.
-36,000 square feet
-35 W. Grand River Ave.
*1274 Library St.
The 2015 acquisition of these landmark properties and others added an additional 3.3 million square feet to Bedrock’s portfolio. Since 2011, Bedrock and its affiliates have invested nearly $2.2 billion in acquiring, renovating and developing 80+ properties in downtown Detroit totaling nearly 14 million square feet.
“We had an exciting 2015. Not only did we acquire and lease more square footage than ever before, our team also grew to more than 300 people, creating additional jobs in downtown Detroit,” said Jim Ketai, Managing Partner and CEO of Bedrock Real Estate Services. “This is just the beginning. The best is yet to come and we look forward to the year ahead.”
In addition to this year’s acquisitions, Bedrock sold a building for the first time in company history. Global automotive supplier Lear Corporation purchased 119 State St. in Capitol Park. The building will become a new high-tech innovation center focused on the arts, automotive technology and cutting-edge ideas. The center is slated to open in 2016.
About Bedrock Real Estate Services
Detroit-based Bedrock Real Estate Services is a full-service real estate firm specializing in acquiring, leasing, financing, developing and managing commercial and residential space. Since its founding in 2011, Bedrock has located more than 150 office and retail tenants to Detroit’s technology-centric downtown. In addition, Bedrock and its affiliates have invested nearly $2.2 billion in acquiring, renovating and developing 80+ properties in downtown Detroit totaling nearly 14 million square feet.
For Bedrock Real Estate Services