By this summer the nearly vacant building at 1900 St. Antoine, which sits in the shadow of Ford Field, will be completely filled.
How? Why? You ask. Dan Gilbert’s Bedrock Real Estate Services just bought the five-story, 108,000-square-foot building, which you’ve probably seen over and over again. It’s just off the Madison exit of I-375 at the gateway to downtown Detroit. Rights to the Ford Field parking deck come with the deal.
A soon-to-be-announced tenant has signed a long-term lease for 96,000 square feet. Right now the building is only 11% occupied. The 38-year-old Detroit engineering firm Sigma Associates is the only existing tenant, occupying approximately 12,000 square feet on the top floor. Sigma will stay in the building.
“The demand for office space in the Central Business District continues to increase. The acquisition of 1900 St. Antoine provides much-needed space for growing office tenants in the urban core and those that are moving or expanding here,” said Jim Ketai, CEO and managing partner of Bedrock Real Estate Services. “We are excited to continue investing in Detroit and we look forward to energizing this prominent and strategically located property.”
The St. Antoine building is pretty new. It was built in 2005 of state-of-the-art limestone, brick, glass and steel. It will soon be connected to Detroit-based high-speed internet provider Rocket Fiber.
This purchase brings Gilbert’s real estate portfolio to more than 85 properties in the greater downtown area totaling close to 14 million-square-feet of commercial and residential real estate.