Quicken Loans Founder and Chairman Dan Gilbert and Rock Ventures were in the building-buying mood yet again, as they acquired three more buildings for their growing portfolio.
In addition to the M@dison Theatre Building, the Dime Building, Chase Tower and the First National Building, the group is happy to announce the acquisition of the historic Wright-Kay Brownstone Building, the Lane Bryant Building and the Arts League of Michigan building.
The six-story Wright-Kay Building, located at 1500 Woodward, was constructed in 1891 and is looking to be used for street-level retail and offices or residential units on the floors above.
The 43,000 square-foot Arts League of Michigan Building, located at 1528 Woodward, is expected to offer a mix of retail and office space as well.
For Rock Ventures, the purchase of these three buildings will cap off a big year of building purchases in the heart of downtown Detroit.
2011 was a busy year for Rock Ventures; they purchased seven buildings, three parking structures, and one parking lot. By the end of the year, Gilbert’s holdings will own more than 1.8 million square feet of space and nearly 2,750 parking spaces in downtown Detroit.
“We are more committed than ever to creating an environment where more and more businesses and their employees will call Detroit their home. In fact, in 2012 we will put on a full-court-press to recruit many of the brightest and best businesses, as well as exciting start-up companies, to downtown,” said Dan Gilbert.
Nice basketball analogy there, Dan.
Jim Ketai, Bedrock Real Estate Services’ managing director, explained “We’ve been able to both acquire and redevelop new properties at break-neck speed this year, opening the doors for many companies to move downtown in 2011, with an increasing number in the works for 2012.”
No basketball analogy from Jim, but the point was still nicely made.
So…1.8 million square feet of space and 2,750 parking spaces in a 12-month span. What will 2012 hold for this building-hungry group?
Eric Mally is a writer for Quicken Loans, an amazing place to work. Find out more about being a part of our team at Quicken Loans and learn how we Amaze our clients.