– Real Estate Firm And Affiliates Now Own More Than 60 Properties in Detroit –
Editor’s Note: The Detroit engagement timeline and tenant listing are available here.
June 27, 2014 (DETROIT) – Bedrock Real Estate Services today announced the acquisition of the Detroit Media Partnership (DMP) building, located at 615 W. Lafayette Boulevard, the current home of the city’s two news organizations, the Detroit Free Press and The Detroit News. The acquisition includes the building, as well as an adjacent parking structure and two surface parking lots. “The Detroit Media Partnership building is a historic gem that has been a fixture in downtown Detroit for nearly a century,” said Jim Ketai, Bedrock’s CEO and Managing Partner. “We take great pride in breathing new life into Detroit’s historic buildings and look forward to transforming the DMP building to provide forward thinking, growth-oriented companies a new place to call home.” The 404,000 square foot building is one block east of the Lodge freeway and encompasses the entire block between Lafayette Boulevard and Fort Street, and 2nd Boulevard and 3rd Street in downtown Detroit. The 6-story property was built in 1917 and designed by renowned Detroit architect Albert Kahn. The acquisition also adds more than 600 parking spaces to Bedrock’s real estate portfolio. The purchase includes a nine-story parking structure, two additional surface lots and limited parking underneath the building. Bedrock will oversee the redevelopment, management and leasing of the properties. Bedrock and its affiliates now own, control or manage more than 60 properties in Detroit’s urban core, totaling more than 9 million square feet of space. Future development plans for the properties are currently in the planning stage. The Detroit Media Partnership recently announced that it will move its headquarters and 550 employees of the partnership and both newsrooms into the Federal Reserve Building, located at 160 W. Fort Street in October. Bedrock owns and manages the Federal Reserve Building, which it acquired in 2012. The property was built in 1927 and a marble annex designed by Minoru Yamasaki was added in 1951. Bedrock recently renovated the entire building.
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About Bedrock Real Estate Services Detroit-based Bedrock Real Estate Services is a full-service real estate firm specializing in purchasing, leasing, financing, developing and managing commercial space. Since its founding in 2011, Bedrock has recruited more than 120 tenants to Detroit’s Central Business District into both office and retail spaces. In addition, Bedrock and its affiliates have invested more than $1.3 billion in downtown Detroit real estate. For more information, visit www.bedrockmgt.com.