Bedrock Acquires Iconic Detroit Office Building
The transaction comprised the 1925-built Buhl Building located in the city's Financial District, as well as the adjacent parking garage. The buyer plans to bring several major updates to the property.
By Roxana Baiceanu
535 Griswold St., Detroit
Bedrock Detroit, the real estate arm of Quicken Loans Inc., is the new owner of the Buhl Building, one of Detroit’s historic office assets.
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 Detroit developments, plans to bring important upgrades to the building.
“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,” said Jim Ketai, CEO of Bedrock, in prepared remarks. “We also look forward to improving common areas, (adding) technology and implementing modern building infrastructure in the building and garage.”
A Detroit Classic
The 27-story Buhl Building was completed in 1925 at 535 Griswold St., right in the heart of Detroit’s Financial District. The designer, Wirt Rowland, used elements 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.
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.
Image courtesy of Yardi Matrix
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