Posted Nov 18, 2014, 2:43 AM
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Join Date: Nov 2010
Posts: 2,945
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Quote:
Gilbert's Bedrock, Meridian Health to buy Compuware building in Detroit
By Jay Greene, Tom Henderson and Kirk Pinho. November 17, 2014
Bedrock Real Estate Services and Meridian Health plan to jointly purchase the 1.1 million-square-foot Compuware Corp. headquarters building at Campus Martius in Detroit for $140 million to $150 million, Crain’s has learned.
Meridian’s Sean Cotton, chief administrative officer, said the Detroit-based managed care company plans to move its nearly 1,000 employees into four floors by the end of 2015 and to expand into another two floors by 2019, when the company is expected to double in size.
At closing next month, Cotton said Meridian and Bedrock will form a yet-unnamed joint venture that will purchase the landmark Compuware building from the IT company.
Selling the headquarters building has been part of Compuware's "corporate transformation plan," Compuware CEO Bob Paul said.
When the deal closes, it will be the largest single-building office deal in Michigan this year, and the second largest overall deal in terms of cost, second only to the $177.5 million sale of the Southfield Town Center to New York City-based 601W Cos. in May.
The building is also expected to change names.
Bedrock is a real estate firm founded in 2011 by Dan Gilbert that specializes in purchasing, leasing, financing and managing commercial space. It has located more than 120 tenants to downtown Detroit.
The Compuware building purchase, which also includes an attached 3,000-space parking deck, will give Dan Gilbert co-ownership of the 11-year-old building where Quicken Loans Inc., of which he is founder and chairman, has leased about 240,000 square feet of space across four floors since 2010. The company will occupy an additional floor and 60,000 square feet.
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Earlier last year, for those unaware, Merdian originally wanted to build their own tower next door. But then Compuware was broken up and subsequently that opened up space in the building making a new tower unnecessary.
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