DETROIT—Rock Ventures, the multi-business entity run by Quicken Loans Founder/CEO Dan Gilbert, has acquired another downtown building here, bringing his total holding of Detroit property to 2.9 million sq. ft.
The company has acquired 1001 Woodward, a 275,000-sq.-ft. office tower located across from Campus Martius Park. The 23-story building was designed by Detroit-based SmithGroup in 1965 for the First Federal Savings and Loan of Detroit.
The 68-percent occupied building includes tenants such as GalaxE.Solutions, Meridian Health Plan, the University of Phoenix and the Southeast Michigan Council of Governments (SEMCOG). Quicken Loans will lease 65,000 sq. ft., bringing the occupancy of the building to 87 percent. The property also includes a parking structure and 15,000 sq. ft. of first-floor retail.
"Detroit has become a key destination for brain economy companies," Gilbert says in a statement. "The acquisition of the 1001 Woodward building allows us to continue to offer premium office space at affordable rates for those looking to join us in the technology district that is gaining more and more momentum each and every day."
Bedrock Real Estate Services LLC, Rock Ventures' full-service real estate firm and developer for the project, was a broker on the sale. Bedrock will also oversee renovations, managing the property and leasing the space.