Bedrock is adding to its Detroit Riverfront portfolio with the acquisition of the 300 River Place building.
Bedrock acquired 300 River Place from The Stroh Companies, Inc. The River Place Portfolio acquisition includes 500,000 square feet of office space, 735 parking spaces and approximately 4.4 acres of developable land.
“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 Stroh family has been an integral part of Detroit’s business community since 1850,” said John Stroh III, Chairman and CEO of The Stroh Companies. “Our family is proud of the presence we have created along the east river front these past 40 years. I am delighted that Bedrock has decided to acquire Stroh River Place and continue the legacy we built. 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. 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.”
Leasing opportunities at 300 River Place will continue throughout the year, while continuing to house a number of office tenants who maintain lease agreements within the structure, including the Associated Press, Belle Isle Conservancy, Michigan Minority Contractors and a number of departments within the Federal General Services Administration.