– Acquisition adds 275,000 square-feet to real estate holdings in Detroit’s technology district –
DETROIT, March 19, 2013 – Rock Ventures today grew its real estate footprint in the heart of Detroit’s emerging technology district with the acquisition of the 1001 Woodward office tower.
Located at the corner of Woodward and Michigan Avenues, the 23-story 1001 Woodward features 275,000 square-feet of Class-A office space. The building was designed by Detroit-based SmithGroup, and built in 1965 for the First Federal Savings and Loan of Detroit.
1001 Woodward features first floor retail space and is home to GalaxE.Solutions, Meridian Health Plan, the University of Phoenix and the Southeast Michigan Council of Governments (SEMCOG), among others. The property is currently 68 percent occupied. Quicken Loans will lease 65,000 square feet, bringing the occupancy of the building to 87 percent.
Also included in the acquisition is an attached parking structure providing 730 spaces and 15,000 square feet of prime first floor retail space facing Woodward Avenue.
“Detroit has become a destination for forward thinking companies interested in being part of the greatest comeback story in the country,” said Dan Gilbert, Founder and Chairman of Rock Ventures and Quicken Loans. “The acquisition of the 1001 Woodward building allows us to continue to offer premium office space at affordable rates for those looking to join us in the heart of the city.”
The building acquisition was brokered by Bedrock Real Estate Services LLC, Rock Ventures’ full-service real estate firm and developer for the project. Bedrock will also oversee renovations, managing the property and leasing the space.
With this acquisition, Rock Ventures’ real estate portfolio now consists of 16 buildings, for a total of 2.9 million square feet of commercial and residential space in Detroit’s growing urban core. The group also owns three parking garages and a surface lot with a total of 4,250 parking spaces, and is currently developing a 33,000 square-foot specialty retail development with 10-story parking garage.
About Rock Ventures LLC
Rock Ventures LLC is an umbrella entity managing a diverse portfolio of companies, investments and real estate. Rock Ventures’ flagship company is Quicken Loans, the nation’s largest online home lender and third largest overall residential mortgage lender.
About Bedrock Real Estate Services LLC
Detroit-based Bedrock Real Estate Services LLC is a full service real estate firm specializing in purchasing, leasing, financing, developing and managing of commercial space. For more information, visit bedrockmgt.com.