DETROIT — Bedrock has acquired 300 River Place, a 500,000-square-foot office building along Detroit’s riverfront. The purchase price was undisclosed. Additionally, the acquisition includes a parking garage with 736 parking spaces and 4.4 acres of developable land. The Stroh Cos. Inc. was the seller. The office building will continue to house tenants such as the Associated Press, Belle Isle Conservancy, Michigan Minority Contractors and a number of departments within the Federal General Services Administration.
The building was originally constructed in phases in 1928 and 1939 by pharmaceutical company Parke-Davis & Co. The Stroh Brewery Co. acquired the property in 1979 and renovated it over the years. Since its founding in 2011, Detroit-based real estate firm Bedrock has invested more than $5.6 billion for the acquisition and development of more than 100 properties in Detroit and Cleveland. The company is the real estate arm of Dan Gilbert’s Rocket Cos.