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More than 70 new tenants move into Bedrock-owned buildings in 2015


We all know Dan Gilbert and his Bedrock Real Estate Services company have invested heavily in Detroit. Buildings have been purchased and new tenants encouraged to move in.

It’s working. Bedrock says 70 new tenants signed leases in 2015 encompassing nearly 1.3 million square feet of retail and office space, the largest lease volume since Bedrock began acquiring downtown properties in 2011. That’s up from the 53 new leases signed in 2014 totaling 1.1 million square feet.

“The demand to be downtown is very strong and we plan to continue investing and creating new opportunities so others can join us and participate in the fascinating story of Detroit. Soon, the biggest challenge will be lack of adequate supply for the anticipated demand in the marketplace,” says Dan Gilbert.


Ally Detroit Center

Bedrock’s largest tenant, Ally Financial, signed a new lease last year. It will occupy 13 floors (321,000 square feet) and bring 1,500 employees to the newly named Ally Detroit Center this spring.

Other new tenants signing leases in 2015 include a diverse group of retailers, restaurants, medical and dental offices, innovative technology startups, law firms, coffee shops and fitness facilities. For a complete list of new tenants and a timeline of major announcements, click here.

“Detroit’s Central Business District (CBD) grew substantially this year with the addition of more technology-centric businesses, new shopping and dining destinations and world-class art. Many additional new tenants will be announced in 2016,” said Dan Mullen, executive vice president of Bedrock Real Estate Services. “Downtown Detroit is more vibrant than ever offering unique experiences and business advantages. The demand is diverse and impressive: from millennials and start-up technology businesses, to empty nesters and Fortune 500 companies, the interest in Detroit is growing stronger every day.”

Major Bedrock acquisitions in 2015 include:

Ally Center

    • 43-stories
    • 1 million square feet
    • 500 Woodward Ave.

Book Building

    • 38-stories
    • 241,000 square feet
    • 1256 Washington Blvd. 

Book Tower

Book Tower

    • 38-stories
    • 241,000 square feet
    • 1256 Washington Blvd.

David Stott Building

    • 35-stories
    • 210,000 square feet
    • 1150 Griswold St.

Clark Lofts

    • 10-stories
    • 36,000 square feet
    • 35 W. Grand River Ave.

1274 Library St.

    • 6-stories
    • 36,000

In total Bedrock added an additional 3.3 million square feet to its portfolio in 2015. Since 2011, Bedrock and its affiliates have invested nearly $2.2 billion in acquiring, renovating and developing more than 80 properties in downtown Detroit totaling nearly 14 million square feet.

For the first time in its history, Bedrock sold a building last year. Lear Corp., a global automotive supplier, purchased 119 State St. in Capitol Park. The building will become a new high-tech innovation center focused on the arts, automotive technology and cutting-edge ideas. The center is slated to open in 2016.

“We had an exciting 2015. Not only did we acquire and lease more square footage than ever before, our team also grew to more than 300 people, creating additional jobs in downtown Detroit,” said Jim Ketai, managing partner and CEO of Bedrock Real Estate Services. “This is just the beginning. The best is yet to come and we look forward to the year ahead.”

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