Dan Gilbert has declared the L.B. King Building to be his first big acquisition of 2015, reports Crain's, though his lust for the property was obvious last year. Built in 1911, the L.B. King is a six-story office building wrapped in shimmery terra cotta. Despite the glorious facade, the interior may not be so pristine.
The LB King Building's previous ownership, law firm Phifer, Phillips & White, bought the building in 1986 and apparently launched a huge renovation. The building's old website claims the 36,000-square-foot interior was completely rebuilt after being "stripped down to its four walls."
Gilbert purchased the building with Curis Enterprises, a local real estate firm that owns a few strip malls around Detroit. If they're brewing a renovation plan, it has yet to be revealed.
· Dan Gilbert's Bedrock buys L.B. King & Co. building [Crain's]