{"id":1004199312,"date":"2017-12-08T07:45:17","date_gmt":"2017-12-08T15:45:17","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004199312"},"modified":"2022-12-08T01:36:55","modified_gmt":"2022-12-08T09:36:55","slug":"bedrock-acquires-iconic-detroit-office-building","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/bedrock-acquires-iconic-detroit-office-building\/","title":{"rendered":"Bedrock Acquires Iconic Detroit Office Building"},"content":{"rendered":"<p>By Roxana Baiceanu<\/p>\n<div id=\"attachment_1004199473\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/12\/9186.jpg\" target=\"_blank\" rel=\"noopener noreferrer\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004199473\" data-attachment-id=\"1004199473\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/bedrock-acquires-iconic-detroit-office-building\/attachment\/9186\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/12\/9186.jpg\" data-orig-size=\"700,543\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;1&quot;}\" data-image-title=\"535 Griswold St., Detroit\" data-image-description=\"&lt;p&gt;535 Griswold St., Detroit&lt;\/p&gt;\n\" data-image-caption=\"&lt;p&gt;535 Griswold St., Detroit&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/12\/9186.jpg?w=700\" class=\"wp-image-1004199473 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/12\/9186.jpg\" alt=\"535 Griswold St., Detroit\" width=\"300\" height=\"233\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/12\/9186.jpg 700w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/12\/9186.jpg?resize=300,233 300w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004199473\" class=\"wp-caption-text\">535 Griswold St., Detroit<\/p><\/div>\n<p>Bedrock Detroit, the real estate arm of Quicken Loans Inc., is the new owner of the Buhl Building, one of Detroit\u2019s historic office assets.<\/p>\n<p>In addition to the 390,000-square-foot property, the company has also acquired from HDC Partners the adjacent parking garage at 525 Griswold St., which provides space for 652 vehicles. Bedrock, currently involved in four transformative <a href=\"https:\/\/www.commercialsearch.com\/news\/bedrock-reveals-2b-multi-project-plan-for-detroit\/\">Detroit developments<\/a>, plans to bring important upgrades to the building.<\/p>\n<p>\u201c<em>As Bedrock always does for our iconic building acquisitions, our strategy for the Buhl Building balances the importance of respecting its history and architecture with ensuring a smooth transition for all of the existing tenants,<\/em>\u201d said Jim Ketai, CEO of Bedrock, in prepared remarks. \u201c<em>We also look forward to improving common areas, (adding) technology and implementing modern building infrastructure in the building and garage.<\/em>\u201d<\/p>\n<h2>A Detroit Classic<\/h2>\n<p>The 27-story Buhl Building was completed in 1925 at 535 Griswold St., right in the heart of Detroit\u2019s Financial District. The designer, Wirt Rowland,\u00a0used\u00a0elements of the Romanesque and Neo-Gothic styles in erecting the construction. In addition to the office segment and parking area, the Buhl incorporates approximately 20,000 square feet of retail space.<\/p>\n<p>The property is approximately 60 percent leased to 57 tenants including Detroit People Mover, Smart Transportation and several law firms. The last time it underwent renovations was in 1982, according to Yardi Matrix data.<\/p>\n<p><em>Image courtesy of Yardi Matrix<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The transaction comprised the 1925-built Buhl Building located in the city&#8217;s Financial District, as well as the adjacent parking garage. The buyer plans to bring several major updates to the property.<\/p>\n","protected":false},"author":1064,"featured_media":1004199473,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,1495,13,21742,21747],"tags":[38516,38515],"class_list":["post-1004199312","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-detroit","category-midwest","category-latest","category-office","tag-bedrock-real-estate-services","tag-hdc-partners"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Bedrock Acquires Iconic Detroit Office Building - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/bedrock-acquires-iconic-detroit-office-building\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bedrock Acquires Iconic Detroit Office Building\" \/>\n<meta property=\"og:description\" content=\"The transaction comprised the 1925-built Buhl Building located in the city&#039;s Financial District, as well as the adjacent parking garage. 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