Rock Ventures, the umbrella entity providing operational coordination of Dan Gilbert’s portfolio of companies and investments, announced this week 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.
Photo Credit: Kyle Lang