Detroit-based Bedrock Real Estate Services today announced it has purchased a five-story office building located off the Madison exit of I-375 across from Ford Field in downtown Detroit, with a new tenant to move in by the summer. Terms of the purchase were not released.
“The demand for office space in the central business district continues to increase,” says Jim Ketai, CEO and managing partner of Bedrock Real Estate Services. “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.”
The building was the former home of PricewaterhouseCoopers LLP (PwC), which moved its Detroit operations to the One Detroit Center in 2012.
The engineering firm Sigma Associates is the building’s only existing tenant, occupying approximately 12,000 square feet on the top floor. Ketai says an unnamed tenant will occupy the other 96,000 square feet of the building by the summer, and the space will be renovated to accommodate its employees.
He says the purchase also includes rights to the Ford Field parking deck.
The building, built in 2005, is made of limestone, brick, glass, and steel. It was once called the Madison Office Building. Bloomfield Hills-based private equity firm Alidade Capital LLC was the previous owner of the building, while Southfield-based Etkin LLC developed the property.
Bedrock also recently acquired Corktown Lofts, a mixed-use space with an office building and warehouses, in Detroit’s Corktown neighborhood.