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Fri June 27, 2014
Businessman Dan Gilbert's real estate arm buys newspaper building
DETROIT (AP) - Businessman Dan Gilbert's real estate arm says it's bought the home of The Detroit News and the Detroit Free Press.
Bedrock Real Estate Services made the announcement Friday about its purchase of the Detroit Media Partnership building. The News says the purchase price wasn't disclosed.
The 400,000-square-foot building was built in 1917 and designed by famed architect Albert Kahn.
Detroit Media Partnership President Joyce Jenereaux says she's "thrilled that Bedrock will be the new owner of our building."
The Free Press says Bedrock and its affiliates now own, control or manage more than 60 properties in Detroit's urban core, totaling more than 9 million square feet of space.
The Detroit Media Partnership recently announced it will move its headquarters and both newsrooms into the Federal Reserve Building in October.