Dan Gilbert continues to add to his portfolio. Tuesday Bedrock Real Estate announced the acquisition of 1900 St. Antoine, a five-story office building located just off the Madison exit of I-375 at the gateway to downtown Detroit.
The building, built in 2005, is approximately 108,000 square feet and is immediately adjacent to Ford Field. Parking is in the deal as well, as the acquisition includes rights to the Ford Field parking deck. The property is situated across the street from Ford Field and a short walk to various downtown attractions, as well as the stalled Wayne County jail project that is referred to by some as the “Fail Jail.”
The building is currently 11% occupied, but will soon be 100% leased with “hundreds of employees” expected to work at a soon-to-be-announced tenant who has signed a long-term lease for 96,000 square feet.
The only tenant currently is the 38 year-old Detroit engineering firm Sigma Associates, occupying approximately 12,000 square feet on the top floor. Sigma will continue to occupy space in the building. The building formerly housed PricewaterhouseCoopers, but since they left for another downtown location in 2012 the structure hasn’t seen much action.
“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 purchase price was undisclosed.