DETROIT - The ever-expanding development firm Bedrock has added another slice of Detroit real estate to its portfolio.
300 River Place on the Detroit Riverfront (Courtesy of Rock Media)
The firm announced Friday it had purchased 300 River Place, which is near the city's Riverfront and has ample available office space.
A release from the company said some of the address's biggest tenants included the Belle Isle Conservancy and the Associated Press.
The purchase of 300 River Place is the fourth property now under Bedrock management in the northern Detroit location. Bedrock LLC is owned by Dan Gilbert.
"The Detroit Riverfront Conservancy and other major stakeholders have done an incredible job of providing an abundance of activity and growth along the riverfront," said Kofi Bonner, CEO of Bedrock. "We are excited to formally join the Riverfront community and expand on their efforts to make Detroit’s Riverwalk one of the city’s most memorable places for families to gather, friends to play and people to work."
The entire River Place portfolio includes 500,000 square feet of office space, 735 parking spaces, and more than four acres of undeveloped land.
So what's to become of the newly acquired place? The company says it intends to fill all vacant space and maintain leases for its current tenants, which also include the Michigan Minority Contractors and departments within the Federal General Services Administration.
It was previously owned by the Stroh family, which approved of Bedrock's acquisition.
"It would be safe to say that no other investor in Detroit is better equipped with the critical mass and vision to carry 300 River Place into the future," said John Stroh III, the chairman, and CEO of The Stroh Companies. "I want to thank the entire Bedrock team that worked diligently on this transaction and Anne Galbraith Kohn of CBRE who represented us in this transaction."
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