Dan Gilbert's Bedrock announced today the acquisition of a prominent office building and adjacent properties along the East Riverfront. This includes 300 River Place, acquired from the Stroh Company, along with the west portion of the parking garage (with 735 parking spaces) behind it and a total of 4 acres of land nearby.
300 River Place Drive is currently home to many offices, including the Associated Press and the Belle Isle Conservancy. Bedrock intends to keep current leases and fill the rest of the 500,000-square-foot building with tenants.
The land acquired includes 2743 Wight and 2748 Franklin, which is across the street from the parking garage and currently undeveloped. Bedrock now also owns 2615-2655 Atwater, behind Andrews on the Corner. Bedrock is referencing this as undeveloped, although there are buildings on this land.
Bedrock's latest acquisition sits along the Riverwalk, near Atwater Beach and the Aretha Franklin AmphitheaterCourtesy of Bedrock
Financial and development details were not released.
The Stroh family has owned 300 River Place since 1979. It was built by Parke-Davis & Company in phases from 1928 to 1939.
“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."
This continues Bedrock's acquisition of property outside of downtown. The company recently renovated The Assembly, which has residential and office space, on Fort Street in Corktown. The massive City Modern project continues in Brush Park; Bedrock has built a slew of condos and apartment buildings in the historic neighborhood.
Downtown, Bedrock has significant projects underway, including the redevelopment of Book Tower and the massive Hudson's site, which currently has structural elements rising out of the ground. The company owns about 100 properties downtown and has renovated many of them in the last 10 years.
