DETROIT - Dan Gilbert's Bedrock has added another Detroit property to its repertoire.
The real estate company announced today the purchase of the Detroit Media Partnership building, the current home of the Detroit News and Detroit Free Press.
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 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 acquisition includes the building, as well as an adjacent parking structure and two surface parking lots. 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.
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