DETROIT, Sept. 28, 2015 /PRNewswire/ -- Lear
Corporation, a world leader in automotive Seating and Electrical
Distribution systems, today announced the company has purchased the
historic 119 State Street building in Detroit's Capitol Park from Bedrock Real
Estate Services to create an innovation and design center unlike
anything the downtown area has ever seen. The global automotive
supplier plans to turn the six-story, 35,000 square foot building
at the corner of State and Shelby Streets into a hub for art,
creativity, automotive advanced concept development and hands-on
learning for Detroit college
students.
The building, which dates back to 1887 and originally housed
Brown Brothers Cigar Manufacturers, will soon be home to programs
and facilities for automotive innovation, a non-automotive new
business incubator, a think tank, creative design studio, an art
gallery, Lear executive satellite offices, conference and meeting
space and a rooftop garden. Construction is expected to begin soon;
the project is slated for completion sometime next year.
"We are very excited to be opening a new Innovation and Design
Center in downtown Detroit," said
Matt Simoncini, President and CEO of
Lear Corporation. "We plan to leverage the rapidly developing
infrastructure in the Central Business District as well as the
concentration of arts, science, and technology assets in the
Capitol Park area to take our Seating and Electrical businesses to
the next level. We will be collaborating with students and
faculty from two nearby world-class, creative learning
organizations – the College for Creative
Studies (CCS) and Wayne State
University College of Engineering (WSU). We will be working
with CCS to capitalize on our unique fabric, leather and sewing
expertise to produce the next generation of car seating and vehicle
interiors as well as select non-automotive applications. We will
also be working with WSU to expand our industry-leading electrical
distribution systems and capabilities including connected car and
alternative energy vehicle applications."
The deal marks Bedrock's first building sale. Since 2011, the
full-service real estate firm and its affiliates have invested more
than $1.8 billion in acquiring,
renovating and developing 80+ properties in downtown Detroit. Bedrock owns seven buildings and a
surface lot in Capitol Park, a block-long triangular neighborhood
bounded by Shelby, Griswold and State Streets.
"The sale of 119 State Street provides Lear with a prime
location to launch this cool, unique initiative where brilliant
ideas will be developed, nurtured and brought to life," said
Dan Gilbert, founding partner of
Bedrock Real Estate Services. "We are thrilled to play a role in
making this groundbreaking project a reality, whether we are
developing properties ourselves or holding buildings in inventory
until we deliver them to a great owner with an effective and unique
vision. Lear's new Innovation and Design Center fits perfectly in
the up-and-coming Capitol Park district and with all that is
happening in downtown Detroit.
"Detroit is returning to its
roots as a leader in manufacturing innovation," said Mayor
Mike Duggan. "Lear's decision to
locate this new hub in Capitol Park is another in a series of
recent similar investments in our city and yet another example of
Lear's strong commitment to Detroit."
Capitol Park is rapidly becoming a center for art, restaurants,
shops, galleries and residential lofts within walking distance of
the future M-1 RAIL connecting Midtown and downtown. Other Bedrock
properties in Capitol Park include: 28 West Grand River, 35 West
Grand River (Clark Lofts) and 45
West Grand River, 1150 Griswold (David Stott Building), 1215
Griswold, 1250 Griswold, 1416 Griswold and 1265 Griswold, home of
the Detroit Institute of Music Education (DIME) offering college
courses in guitar, bass, vocals, drums, songwriting and music
entrepreneurship, taught by industry experts.
About Lear Corporation
Lear Corporation (NYSE: LEA) is
one of the world's leading suppliers of automotive seating and
electrical distribution systems. Lear serves every major automaker
in the world, and Lear content can be found on more than 300
vehicle nameplates. Lear's world-class products are designed,
engineered and manufactured by a diverse team of approximately
135,000 employees located in 35 countries. Lear currently
ranks #174 on the Fortune 500. Lear's headquarters are in
Southfield,
Michigan. "Further information about Lear is available at
www.lear.com or follow us on Twitter @LearCorporation and
Facebook."
About Bedrock Real Estate Services
Detroit-based Bedrock Real Estate Services is
a full-service real estate firm specializing in acquiring, leasing,
financing, developing and managing commercial and residential
space. Since its founding in 2011, Bedrock has located more than
130 office and retail tenants to Detroit's technology-centric downtown. In
addition, Bedrock and its affiliates have invested more than
$1.8 billion in acquiring, renovating
and developing 80+ properties in downtown Detroit totaling more than 13 million square
feet. For more information, visit www.bedrockmgt.com or engage with
us on Twitter @BedrockRES and Facebook. The Detroit engagement timeline and tenant list
are available here.
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SOURCE Bedrock Real Estate Services