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The Detroit Free Press and Detroit News Name New Building Owner

Dan Gilbert, founder and chairman of Bedrock, has purchased the home of Detroit’s two major newspapers.

Dan Gilbert the founder and Chairman of Quicken Loans and Bedrock Real Estate Services
Dan Gilbert the founder and Chairman of Quicken Loans and Bedrock Real Estate Services

Bedrock Real Estate Services has been announced as the new owner for The Detroit Media Group building located at 615 W. Lafayette, the homes of The Detroit Free Press and The Detroit News.

The sale includes a parking garage and two surface lots, the Free Press reports, but no price was announced.

Dan Gilbert is the founder and chairman of Bedrock, the real estate portion of Quicken Loans.

“Dan Gilbert and his team are putting forth tremendous effort to rebuild and revitalize our beloved city, and we are thrilled that Bedrock will be the new owner of our building,” said Joyce Jeneraux, president of DMP and the Detroit Free Press. “It is very comforting to know that this property will be part of Detroit’s comeback after serving the city so powerfully all of these years.”

Constructed in 1917, the building is 404,000 square feet and designed by Albert Kahn.

Bedrock has plans to redevelop management and own over 60 properties in Detroit’s urban areas.

“The Detroit Media Partnership building is a historic gem that has been a fixture in downtown Detroit for nearly a century,” Bedrock’s CEO and managing partner Jim Ketai said. “We take great pride in breathing new life into Detroit’s historic buildings and look forward to transforming the DMP building to provide forward thinking, growth-oriented companies a new place to call home.”

The Detroit Media Partnership will be moving its 550 employees into the Federal Reserve Building in October, which Bedrock also owns.


>>>For the full story
Jack Manning June 29, 2014 at 07:39 AM
Dan Gilbert: Simply buying Detroit on the cheap a little bit at a time.
Joseph Borrajo June 30, 2014 at 09:35 AM
He doesn't flip the properties like the vulture capitalists. He invest in renovating them to an operational function. P3
Jack Manning June 30, 2014 at 10:08 PM
You are right. He buys them on the cheap and makes big bucks on the rents. It's called skimming.

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