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Redico buys 150 West Jefferson in Financial District

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You'll recognize this building

Usually when we report on a downtown building being purchased, it’s about Dan Gilbert, so we thought we’d mix it up this time. Real estate development and investment company Redico recently purchased 150 West Jefferson, which sits across Shelby Street the street from the Crowne Plaza Detroit.

150 West Jefferson, built in 1989, is a Class-A, 25-story, 500,000 square foot office building and parking deck. Occupancy is currently at 89 percent. It’s also the home of the Financial District People Mover stop.

In a statement yesterday, Dale Watchowski, president and CEO, REDICO says,

"One component of our growth strategy is to acquire world-class properties in the Midwest. The purchase of 150 W. Jefferson, in Downtown Detroit, is a perfect example of a building that fits our criteria. We acquire well-leased, trophy properties that will attract and retain quality tenants. In addition, 150 W. Jefferson has a unique opportunistic component. The site has the added potential of a future development opportunity."

The building includes a 526-space parking garage (self-park and valet), as well as a fitness center, outdoor patio with putting green, restaurants, a convenience store, dry-cleaning services, and 24-hour security.

Redico was also behind the development of the Gateway Marketplace on 8 Mile, or the much needed building of a Meijer (plus other retail) right inside the city limits.