Jump to Navigation

Rock Ventures purchases prominent Detroit building

A Michigan company owned by Dan Gilbert, the founder and chairman of Quicken Loans, recently announced that it had signed a contract to purchase Detroit's One Woodward office tower. Rock Ventures, the entity responsible for overseeing Gilbert's various investments and companies, bought the property for an undisclosed amount and has planned a large-scale renovation in the hopes of housing Detroit's burgeoning technology industry.

The deal represents the latest in a series of prominent real estate contracts involving Rock Ventures, which has bought 10 buildings since January 2011. The company recently began work on a 10-story parking garage in downtown Detroit in anticipation of what it expects to be a resurgence of "entrepreneurial action" in the city, which has suffered numerous financial setbacks in recent years. The transaction was co-brokered by two real estate firms, one of which is a subsidiary of Rock Ventures.

"The One Woodward building is located in the heart of Detroit's technology core and provides us more space to further accommodate our growing family of companies and the increasing number of companies that want to leverage the opportunities made in Detroit," said Gilbert. "We continue to bet big on Detroit," he explained.

The 26-story building currently has an occupancy rate of 60 percent. However, the property is expected to be 90 percent occupied after Quicken Loans leases eight floors in January. A subsidiary of Rock Ventures will be responsible for leasing additional office space and will also oversee all planned renovations.

The One Woodward building was designed by architect Minoru Yamasaki and has been referred to as a prototype for Yamasaki's later World Trade Center design. The 333,000 square foot tower was constructed in 1962 for the Michigan Consolidated Gas Company, which has since been absorbed by DTE Energy.

Source: Detroit Free Press, "Dan Gilbert's Rock Ventures buys One Woodward office tower in downtown Detroit," John Gallagher, Dec. 4, 2012

No Comments

Leave a comment
Comment Information
Subscribe to RSS Feed Contact Us

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Kaufman Payton & Chapa
200 Kaufman Financial Center
30833 Northwestern Hwy.
Farmington Hills, MI 48334
Phone: (248) 626-5000
Toll Free: (800) 763-4818

Other Offices
40 1/2 East Ferry Street
Detroit, Michigan 48202
(248) 626-5000
(800) 763-4818

Suite 205-C
161 Ottawa Avenue NW
Grand Rapids, Michigan 49503
(616) 459-4200
(800) 763-4818

Map & Directions