Detroit's Motown Monopoly player, Dan Gilbert, might be buying an office tower from Lehman Brothers. According to Crain's, "Brokers around town are saying Gilbert's Bedrock Management has One Woodward Ave. under contract to be sold." The 28-story building was designed by Minoru Yamasaki in 1962.
Gilbert is the second-largest private owner of downtown real estate, behind General Motors. Prior to the reported One Woodward deal, Gilbert owned 1.7 million square feet of office space in downtown Detroit and roughly 3,500 parking spaces. Rumors are that the sales price will be between $4 M to $6 M; it is listed by the firm NAI Farbman. · Dan Gilbert to buy One Woodward Ave., sources say [Crain's]
· Lehman Brothers Selling Detroit Properties At Huge Losses [Curbed Detroit]