Lear Corporation Purchases Historic Capitol Park Building from Bedrock Real Estate Services for New Detroit Innovation and Design Center

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.

SOURCE Bedrock Real Estate Services

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