Crain Communications to Move Its Corporate Headquarters
15 January 2001
Crain Communications to Move Its Corporate Headquarters
DETROIT, Jan. 15 Crain Communications Inc. has signed
agreements with Brewery Park Associates to purchase an interest in its Brewery
Park Phase II office building and to become the building's major tenant. The
agreement allows for implementation of a long-term real estate plan for the
company's world headquarters and an opportunity to consolidate its Detroit-
based employees into one facility.
Brewery Park, Phase II, is now equally owned in a partnership between
Crain Communications Inc. and Brewery Park Associates, a partnership of Stroh
Properties and a Kirco Development affiliate. Crain Communications will
immediately occupy 98,000 square feet of space -- most of the 4th and all of
the 5th floors -- and be able to take additional space over the next few
years.
"After a longtime search, we are pleased to find a suitable location for
our company's headquarters," said Keith Crain, chairman, Crain Communications
Inc. "Our growth in recent years has filled our current building locations on
Woodbridge and Jefferson Avenues. And, it has been our long-term goal to
combine all of our employees in one location and this move allows us to
address these space needs."
The building is bounded by I-75, I-375 and Gratiot Avenue and is the
former site of the Stroh Brewery. The five-story, first-class building has
224,000 square feet of office space. Other tenants include Lockheed Martin
Corporation; United American Health Care Corporation and OmniCare operations;
and several federal government offices.
The company expects to move its 350 Detroit-based employees to Brewery
Park over the next 24-36 months. The first phase of the move will be later
this year. Until additional space is available at the new site, employees not
moving to Brewery Park later this year will be based in the company's
currently owned Woodbridge Ave. building. The company will then place its
Jefferson Ave. building up for sale.
The company has been uncertain for some time of what will happen in its
current location in the lower riverfront district. "The move to Brewery Park
is exciting," said Crain. "Its close proximity to one of the City's most
vibrant development areas is good for our employees and our business. With
the redevelopment areas of Comerica Park, the new Ford Field, Harmonie Park,
DAC and Opera House as well as being directly adjacent to the historic Eastern
Market district puts us in close proximity to some of the city's top amenities
and attractions."
Headquartered in Detroit, Mich., Crain Communications Inc. publishes 30
consumer, business and trade publications, including Detroit-based Automotive
News, AutoWeek, and Crain's Detroit Business as well as Advertising Age, BtoB,
Modern Healthcare, Plastics News, business weeklies in Chicago, Cleveland and
New York and numerous related business Web sites. It has more than 1,100
employees located in 15 offices worldwide. The company's Web site is
http://www.crain.com .
FACT SHEET
Brewery Park, former site of the Stroh Brewery, has two buildings and an
undeveloped parcel of land:
* Phase I, the one-story building on the east side of the campus was
built in 1987. It will continue to be owned by the current owners.
* Phase II, the five story building built in 1989, is now owned in a
partnership between Crain Communications Inc. holding 50% ownership and
Brewery Park Associates, a partnership of Stroh Properties and a Kirco
Development affiliate
* Phase III is an undeveloped property on the west side of the campus,
which Crain also has an option to purchase.
The site is bounded by I-75, I-375 and Gratiot Avenue and located adjacent
to Eastern Market.
Brewery Park Phase II has 224,000 square feet of office space. Crain
Communications will immediately occupy 98,000 square feet of space -- most of
the 4th and all of the 5th floors -- as a lease tenant and be able to add
additional space over the next few years as it becomes available.
Crain Communications is headquartered in Detroit, Mich. The company
employs over 1,100 people, 350 in Detroit, with 15 offices worldwide.
Primarily a publishing company with over 30 consumer, business and trade
publications and numerous related business Web sites, its Detroit-based
publications include Automotive News, AutoWeek and Crain's Detroit Business.