DETROIT (WWJ) -- Dan Gilbert's Bedrock company has added another building and more land to its portfolio.
Bedrock announced this morning that it bought the building at 300 River Place from The Stroh Companies along with lots on Atwater and Franklin Streets.
Located on Detroit's east side near Jefferson and Joseph Campau, the River Place Portfolio acquisition adds 500,000 square feet of office space, 735 parking spaces and approximately 4.4 acres of developable land to Bedrock’s growing footprint.
“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.”
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The CEO of the Stroh's Companies says no other investor in Detroit is better equipped to carry 300 River Place into the future than Bedrock.
"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."
Bedrock intends to fill all vacant space at 300 River Place while maintaining all current tenants, which include the Belle Isle Conservancy, Associated Press, Michigan Minority Contractors and a number of departments within the Federal General Services Administration.