Dan Gilbert's real estate company Bedrock announced its purchase of 101 West Prospect, the soon-to-be former site of the Sherwin-Williams Company, once it moves to its new global headquarters nearby.
In addition to the office tower on West Prospect Avenue, Bedrock said it also acquired the Breen Technology Center located at 601 Canal Road as well as the Baltimore and Ohio Railroad building at 829 Canal Road. The three spaces total more than 1.3 million square feet.
Bedrock didn't say how much it paid for the three properties.
Sherwin-Williams will stay at its current location until December 2024, when it leaves for its newly built world headquarters, Bedrock said.
According to Bedrock, the acquisitions will help it transform Tower City Center and reimagine dozens of acres of riverfront.
“When we announced the Cuyahoga Riverfront Master Plan, we knew that collaborating with public, private and non-profit partners would be an integral part of our vision, and we are especially pleased to have worked with the team at The Sherwin-Williams Company to acquire the Landmark Office Towers and Breen Technology Center,” said Catherine Clark, chief investment officer at Bedrock. “These properties, coupled with the historic B&O Railroad Station, will help to advance our plan for the riverfront in the years to come.”
RELATED: Bedrock to seek conceptual approval for ambitious riverfront redevelopment, public access plan
You can watch more about Bedrock's plan to redevelop the waterfront area in the player below:
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