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Rock Ventures Continues Investment in Downtown Detroit with Purchase of One Woodward Building
- Purchase brings total real estate holdings in downtown Detroit to nearly 2.5 million commercial square feet -
By: PR Newswire
Dec. 3, 2012 10:31 AM
DETROIT, Dec. 3, 2012 /PRNewswire/ -- Rock Ventures, the umbrella entity providing operational coordination of Dan Gilbert's portfolio of companies and investments, today announced it has added another 333,000 square feet of class-A downtown Detroit office space to its growing real estate portfolio.
The company completed the purchase of the 26-story One Woodward building, located on the corner of Jefferson and Woodward Avenue. Rock Ventures plans to renovate the building in order to accommodate the growing demand for space in the city's emerging technology district.
Built in 1962, One Woodward was designed by famed architect Minoru Yamasaki, and is considered an early design that ultimately led Yamaski to create the former World Trade Center towers in New York City.
"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 businesses that want to leverage the opportunities made in Detroit," said Dan Gilbert, Founder and Chairman of Rock Ventures and Quicken Loans.
"We continue to bet big on Detroit, and this purchase reinforces our commitment to the exciting entrepreneurial action on Woodward Avenue," Gilbert added.
The building is approximately 60 percent occupied, and will exceed 90 percent occupancy next month when Quicken Loans and its affiliates lease a total of eight floors in the building. Some current tenants include the Detroit Regional Chamber and law firms Fraser Trebilcock Davis & Dunlap, and Kitch Drutchas Wagner Valitutti & Sherbrook.
Purchase of the One Woodward building was co-brokered by Friedman Integrated Real Estate Solutions and Bedrock Real Estate Services LLC, Rock Ventures' full-service real estate firm and developer for the project. Bedrock will also be responsible for overseeing the renovations, managing the property and leasing the space.
Since January 2011, Rock Ventures has purchased 10 buildings totaling nearly 2.5 million square feet of office space, in addition to two parking garages with a total of 3,500 parking spaces. Last month, the company broke ground on a 33,000 square-foot specialty retail development with 10-story parking garage in downtown Detroit.
About Rock Ventures LLC:
About Bedrock Real Estate Services LLC:
** Note to Editors:
January 2007: Dan Gilbert founds Bizdom, a non-profit entrepreneurship accelerator for budding web and tech-based startups in Detroit.
January 2009: Gilbert and other business leaders invest in M-1 RAIL, a 6.8-mile light-rail system that will link key neighborhoods to Detroit's riverfront, the business district, and educational, cultural, entertainment and medical institutions along Woodward Avenue.
July 2009: Quicken Loans announces it will relocate its headquarters to the Compuware Building in downtown Detroit in 2010.
August 2010: Quicken Loans and five of its sister companies move 1,700 team members into the Compuware building in downtown Detroit.
November 2010: Gilbert, together with entrepreneurs Josh Linkner and Brian Hermelin, launch Detroit Venture Partners, a Detroit-based venture capital firm that invests in seed and early-stage technology companies to be located in the city.
January 2011: Rock Ventures, the umbrella entity formed to provide operational coordination, guidance and integration of Gilbert's portfolio of companies, investments and real estate purchases Detroit's historical Madison Theatre Building and begins transforming it into a collaborative tech hub to encourage partnership among local entrepreneurs.
April 2011: Rock Ventures acquires the 13-story Chase Tower located in Detroit's downtown central business district and immediately begins renovation to reflect Quicken Loans' culture.
April 2011: Rock Ventures buys Two Detroit Center, a 1,095-space parking garage located in the central business district.
May 2011: Skidmore Studio, a graphic design firm located in a nearby suburb, announces it will become the anchor tenant in the Madison Building when it opens in Fall 2011.
June 2011: Quicken Loans hires 200 interns to work in the Detroit office to expose students to the city and help end Detroit's "brain drain."
July 2011: Earvin "Magic" Johnson joins Detroit Venture Partners to help fund start-up tech companies.
July 2011: Quicken Loans and four other downtown Detroit companies unveil the "Live Downtown" program, which offers financial incentives to team members who live in the city.
July 2011: Quicken Loans sponsors the debut of Somerset Collection's CityLoft, a pop-up shop open the last weekend of each month in downtown Detroit with mini-versions of upscale stores, to bring retail back to downtown Detroit.
August 2011: Rock Ventures purchases Detroit's First National Building to house more team members as well as other businesses.
August 2011: Rock Ventures acquires its fourth building, the 101-year-old Dime Building located in downtown Detroit, and the Financial District Garage, a 983-space parking structure adjacent to the Dime Building.
August 2011: Rock Ventures purchases the Madison Parking Lot on Broadway, adjacent to the Madison Theatre Building.
September 2011: Quicken Loans hosts a job fair to fill 500 positions in Detroit within the Family of Companies, 2,500 line up around the building to apply.
October 2011: An additional 2,000 Quicken Loans team members move into the newly renovated Chase Tower.
December 2011: Rock Ventures completes the acquisition of three additional properties in Downtown Detroit – the historic Wright-Kay brownstone, the Lane Bryant and the Arts League of Michigan Buildings.
January 2012: Rock Ventures adds two more buildings to its real estate portfolio - the Historic Federal Reserve Building, and 1550 Woodward Avenue, a one-story building to be utilized for retail or commercial use.
February 2012: To encourage Detroit's "brain gain," the Quicken Loans Family of Companies announces it will hire 600 paid interns - 500 to work in Detroit to discover all the great things the City has to offer.
April 2012: The Quicken Loans Family of Companies begins a recruiting campaign to hire more than 1,400 team members, and launches Valley to Detroit, a campaign aimed to bring laid off Yahoo technology professionals to Detroit from Silicon Valley.
April 2012: Rock Ventures and Chrysler hold a press conference to announce that Chrysler will lease the top two floors of Rock Ventures' Dime Building and rename the building Chrysler House.
June 2012: Quicken Loans partners with other Detroit businesses to create "IT in the D," a program to give local university students real-world experience to prepare them for tech jobs in Detroit.
July 2012: Title Source, the largest independent provider of title insurance, property valuations and settlement services in the nation, begins move of 1,500 team members to downtown Detroit's First National Building.
October 2012: Rock Connections, a strategic marketing company that provides experienced communications specialists, robust analytics, and targeted selling strategies, moves 115 team members into the Chase Tower Building in downtown Detroit's growing tech hub.
October 2012: Rock Ventures and Quicken Loans launch "Opportunity Detroit" with a national commercial narrated by Kid Rock on the Fox television network during the fourth game of the World Series.
November 2012: Rock Ventures breaks ground on 33,000 square-foot specialty retail development with 10-story parking garage in downtown Detroit.
December 2012: Rock Ventures purchases One Woodward, the 26-story, 333,000 square-foot building located in Detroit's Central Business District.
Companies that have joined Rock Ventures in Downtown Detroit since August 2010
More than 60 companies have opened in Rock Ventures-owned buildings in downtown Detroit over the past 27 months:
- 50,000 square feet
- 505,000 square feet
First National Building
- 800,000 square feet
- Former Dime Building
- 333,000 square feet
- Former Arts League Building
Rock Ventures companies also lease space in the following downtown Detroit buildings:
- 1,088,000 square feet
One Detroit Center
- 957,355 square feet
SOURCE Rock Ventures
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