Bedrock has acquired 300 River Place in Detroit from The Stroh Companies, Inc. The River Place Portfolio acquisition adds 500,000 square feet of office space, 735 parking spaces and about 4.4 acres of developable land to Bedrock’s growing footprint.
The River Place Portfolio acquisition includes:
- 300 River Place Drive: a 500,000-square-foot, Class-A office building
- Western portion of the River Place Parking Garage, totaling rights to 735 parking spaces
- 2743 Wight & 2748 Franklin: totaling about one acre of undeveloped land
- 2615-2655 Atwater: totaling about 3.4 acres of undeveloped land
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.
“This acquisition puts us in a position to provide a unique offering relative to our existing portfolio, and provides tenants interested in the City of Detroit with direct access to a district where we see a lot of potential,” said Sam Hamburger, VP of Acquisitions at Bedrock. “We always have our eyes on the market, looking for opportunities to expand our portfolio in meaningful ways. This acquisition leverages years of hard work by the Stroh Family, the Detroit Riverfront Conservancy, and other stakeholders, and includes multiple assets that we will utilize to further our mission, focused on Detroit’s riverfront.”
Built in phases in 1928 and 1939 by Parke-Davis & Company, once the largest pharmaceutical company in the world, 300 River Place was one of the later additions to the manufacturing and research facilities they had occupied along the Detroit River since 1873.
The entire site, including 300 River Place, was acquired by The Stroh Brewery Company in 1979 and during the next 10 years, renovated into a mixed-use campus that combined its historic architecture with modern amenities, including a state-of-the-art technical infrastructure designed to meet all the requirements for fiber optics, heavy power, video conferencing and other cutting-edge technologies.
The building boasts two light-filled six-story glass atriums, exposed brick walls, traditional and loft style floor plans with dramatic views of the nearby river and is located just under three-quarters of a mile from the Central Business District. The property is connected to other businesses, restaurants and stores via the Detroit Riverwalk, a 3.5-mile walking, biking and jogging route that stretches from both the East and West of 300 River Place.
At one point consisting of just cement silos and abandoned industry buildings, the Riverwalk now features parks, restaurants, retail and housing. While it officially opened in June of 2007, work on the Riverwalk, spearheaded by the Detroit Riverfront Conservancy, continues each year with the creation of new portions of the walkway, programming and partnerships.
Plans and programming for the additional land parcels are still underway, but its location next to the Aretha Franklin Amphitheater, Atwater Beach and close proximity to Canada and its international border provide substantial opportunities for activation and future development.
Financial figures were not disclosed.