Founded in 1866, Parke-Davis & Company grew from a small Detroit drug manufacturer into one of the world's leading pharmaceutical companies, making the city an international center for medical research long before the automobile industry dominated its economy. The company moved to Detroit's east riverfront in 1873, where it developed a sprawling research and manufacturing complex designed by leading architectural firms including Donaldson & Meier, Albert Kahn Associates, and Smith, Hinchman & Grylls.

Parke-Davis pioneered many advances in modern medicine, introducing standardized drug production, developing new vaccines, hormones, and pharmaceuticals, and establishing one of America's first industrial research laboratories. Its 1902 Research Laboratory became the first building in the United States designed specifically for pharmaceutical research and was designated a National Historic Landmark in 1976. At its peak, the Detroit plant employed nearly 4,000 people and was recognized worldwide for its scientific innovation, making Parke-Davis one of Detroit's most important industrial and research institutions before the rise of the automobile industry.

The 1902 Parke-Davis Research Laboratory (Building 55) was designated a National Historic Landmark in 1976 because it was the first building in the United States specifically designed and constructed for pharmaceutical research by a manufacturing company.

The laboratory became the center of groundbreaking medical discoveries that transformed modern medicine. Scientists at Parke-Davis pioneered standardized drug production, developed life-saving biological serums and vaccines, and introduced important pharmaceuticals, including the first commercially available Adrenalin (epinephrine). The company's research also led to major advances in endocrinology, antibiotics, and vaccine development. Because of its pivotal role in the evolution of pharmaceutical research and the American drug industry, Building 55 is recognized as one of the nation's most significant scientific and industrial landmarks.

In mid-2026, the building is undergoing pre-development planning. Formerly operating as the Roberts Riverwalk Hotel, the property was acquired by Bedrock Detroit in 2022 to be redeveloped into new retail and hospitality spaces.