Rock Ventures acquired One Woodward, a 26-story, 332,735-square-foot office building
in Detroit's central business district. The seller and price were undisclosed.
The 50-year-old Class A property was designed by architect Minoru Yamasaki who created 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 online mortgage lender Quicken Loans.
Woodward is 40 percent vacant and will be 10 percent when Quicken Loans and its subsidiaries lease eight floors in the tower and begin occupying office space
next month. Detroit Regional Chamber and law firms Fraser Trebilcock Davis & Dunlap and Kitch Drutchas Wagner Valitutti & Sherbrook are some of the current tenants.
"We continue to bet big on Detroit, and this purchase reinforces our commitment to the exciting entrepreneurial action on Woodward Avenue," Gilbert said.
Friedman Integrated Real Estate Solutions and Bedrock Real Estate Services LLC, Rock Ventures' full-service real estate firm, brokered the deal. Bedrock will also serve as developer responsible for overseeing the renovations, managing the property and leasing the space.
Rock Ventures is the umbrella entity providing operational coordination of Gilbert's group of companies and investments. In the last 24 months, the firm has acquired 10 office properties in Detroit totaling nearly 2.5 million square feet of space and two garages totaling 3,500 parking spaces. Rock Ventures started development on a 33,000-square-foot specialty retail building with a 10-story parking garage in downtown Detroit last month.
See CoStar COMPS #2611393 for more information.