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March 25, 2013

1001 Woodward Joins Dan Gilbert’s Properties in Detroit

By Veronica Grecu, Associate Editor

Dan Gilbert’s investment spree in downtown Detroit is far from coming to an end. Rock Ventures, one of Gilbert’s companies that has become one of the big players on the Detroit real estate market, has acquired another office building located on Campus Martius Park, in the city’s commercial heart. The company’s real estate portfolio has now reached 2.9 million square feet of commercial and residential space in Detroit.

The 1001 Woodward tower was built in 1965 for the first federal Savings and Loan of Detroit under plans designed by local architecture firm Smith, Hinchman, & Grylls (now SmithGroupJJR). Known for many years as the First Federal Building, the structure was bought in 2008 for $5.4 million by Dimitrios “Jim” Papas’ Greektown Investment Group Llc., according to Curbed Detroit.

The building, which encompasses 275,000 square feet of Class A office space and first floor retail space, is currently 68 percent occupied by GalaxE.Solutions, the University of Phoenix, Meridian Health Plan, the Southeast Michigan Council of Governments (SEMCOG) and other tenants. The acquisition also includes an attached parking structure with 730 spaces and 15,000 square feet of first floor retail space facing Woodward Avenue.

According to a news release, Dan Gilbert’s Quicken Loans will lease 65,000 square feet of the 23-story building, bringing occupancy to 87 percent.

“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 technology district that is gaining more and more momentum each and every day,” Dan Gilbert said in a press statement.

As with the previous acquisitions in Downtown Detroit, the transaction was brokered by Rock Ventures’ real estate arm, Bedrock Real Estate Services, which will also manage the property and leasing activity and oversee future renovations.

Image credits to author Mikerussell on Wikipedia
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