Rock Ventures to Finalize Purchase of Detroit’s Historic Federal Reserve Building
Dan Gilbert makes announcement during unveiling of m@dison, an entrepreneurial hub of creative and tech start-ups in downtown Detroit
DETROIT – January 30, 2012 – (RealEstateRama) — Rock Ventures LLC, the umbrella entity providing operational coordination and integration of Dan Gilbert’s portfolio of companies, investments and real estate, today announced it will close on the purchase of downtown Detroit’s historic Federal Reserve Building, a 176,000 square-foot building that has sat vacant since 2004.
Dan Gilbert, Chairman and Founder of Quicken Loans, and majority owner of the NBA’s Cleveland Cavaliers, made the announcement to media at the m@dison building, an entrepreneurial hub of creative and technology companies committed to ”WEBward” Avenue, a digital and web centered corridor of growth and activity. The building, now fully occupied with the city’s brightest budding entrepreneurs, underwent a $12 million renovation, blending state-of-the-art amenities with many of the original features of the 1917 structure.
“Today we unveiled our m@dison building, showing all that is possible when passion and creativity fuse,” said Gilbert, who purchased the mostly deserted building, located steps from Grand Circus Park and the city’s sports venues, in early 2011.
“We also begin 2012 with the purchase of the Detroit’s historic Federal Reserve building. We are excited to get to work and continue the momentum we have built.”
Located at 160 W. Fort Street, the Federal Reserve building was constructed in 1927 as a Classic Revival Style complex. In 1951, an eight story glass and marble annex was added to the building. The Federal Reserve Bank moved to a new building in 2004, leaving the Fort Street property empty.
In one year’s time Gilbert’s Rock Ventures has acquired nine buildings, three parking structures and one parking lot in downtown Detroit’s burgeoning tech district. The properties account for nearly 2.1 million square-feet of office space and 3,500 parking spaces.
“Today’s announcement is a great start to what looks to be a very busy and exciting year,” said Matt Cullen, Chief Executive Officer of Rock Ventures. “We have a number of properties in our portfolio that we will be working to renovate and fill with job-creating businesses, while keeping a close eye on the market and making additional building purchases where it makes sense.”
In addition to the Federal Reserve and m@dison Buildings, Gilbert and Rock Ventures has utilized their real estate arm, Bedrock Real Estate Services, and purchased the following buildings:
Chase Tower: Located in the heart of Detroit’s Central Business District, the Chase Tower is just steps from Campus Martius Park. Built in 1959, the 505,000 square-foot, 14-story building was
acquired in April. Extensive renovations were made to the building, which became home to more than 1,500 Quicken Loans team members in October 2011.
First National Building: Snaking through an entire city block, the Albert Kahn-designed First National Building was acquired by Gilbert in August 2011. Built in 1922, the 800,000 square-foot building is currently undergoing significant improvements. The building’s anchor tenants include the law firm of Honigman, Miller, Schwartz and Cohn, as well as the United Way of Southeastern Michigan.
Dime Building: In August, Gilbert also purchased the Dime Building. Built in 1912 and designed by world famous architect Daniel Burnham, the building features more than 350,000 square feet of office space on 23 stories. The building underwent an extensive redevelopment in 2002 and is home to Ameriprise and several other companies.
The Wright-Kay Building: Located at 1500 Woodward Avenue, the Wright Kay is one of downtown Detroit’s grand old buildings, constructed in 1891. The six-story brownstone is slated to offer street-level retail with offices or residential units on the floors above.
The Lane Bryant Building: Built in 1917, the Lane Bryant building featuresnearly 45,000 square feet of space. Once renovated, it will house retail on the ground floor and office space on the floors above. The Lane Bryant Building is located at 1520 Woodward Ave.
The Arts League of Michigan Building: Offering more than 43,000 square feet across six stories, the Arts League of Michigan building will undergo a significant renovation and offer a mix of retail and office space.
1550 Woodward: The 4,000 square-foot one-story building will accommodate a restaurant or new street level retail.
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About Rock Ventures LLC:
Rock Ventures LLC is an umbrella entity formed to provide operationalcoordination, guidance, and integration of Dan Gilbert’s portfolio of companies, investments and real estate.
About Quicken Loans Inc:
Quicken Loans Inc. is the nation’s largest online home lender and a top five retail lender. The company closed a record $30 billion in retail home loan volume across all 50 states in 2011. Quicken Loans generates loan production from five web centers located in Detroit, Ohio and Arizona. The company also operates a centralized loan processing facility in Detroit, as well as its San Diego-based One Reverse Mortgage unit. Quicken Loans ranked #1 in customer satisfaction among all home mortgage lenders in the United States by J.D. Power and Associates in 2010 and 2011. “QuickenLoans.com” has been named “Best of the Web” by Forbes and Money magazines. The company ranked in the Top 10 of FORTUNE magazine’s ”100 Best Companies To Work For” in 2012 and has placed among the Top 30 companies on FORTUNE’s list for the past nine years. It ranked in the Top-15 of Computerworld magazine’s “100 Best Places to Work In Technology” for seven years in a row.
Quicken Loans was named #1 in the Detroit Free Press’ ‘Best Places to Work in Michigan’ List in 2010 and 2011. The company moved its headquarters and 3,700 of its more than 5,000 team members to downtown Detroit. Another 1,000 team members are expected to move to downtown Detroit in mid 2012. For more information about Quicken Loans, please visit us on the web at www.quickenloans.com, on Twitter at @QLnews, and on Facebook at www.facebook.com/QuickenLoans.
About Bedrock Real Estate Services:
Bedrock Real Estate Services LLC, is a full service property management firm, specializing in purchasing, leasing, financing, developing and managing of commercial space. The company is a partnership between Quicken Loans Founder and Chairman Dan Gilbert and veteran real estate developer Jim Ketai. The company is based in downtown Detroit. For more information, visit www.bedrockmgt.com.
