Gold Star Mortgage Financial Group Relocates to Former Borders HQ in Ann Arbor
- Mar 15, 2013
By Veronica Grecu, Associate Editor
Just weeks after a local and out-of-state group of real estate investors acquired the former corporate home of bankrupt bookseller Borders Group, Gold Star Mortgage Financial Group Corp. is moving its global operations to the new headquarters in Ann Arbor.
Quoting real estate sources familiar with the transaction, Detroit Free Press previously reported that Modern Woodmen of America, a financial services organization, sold the 330,000-square-foot office campus back in February for slightly less than the listing price of $6.9 million. While sources declined to name the buyer, Crain’s Detroit Business hints at Ann Arbor-based Madison Property Co. as the new owner.
Founded in 2000 by Ukraine immigrant Dan Milstein, Gold Star has become the fourth-biggest mortgage originator in the state of Michigan and it employs more than 500 people in more than 40 offices across the U.S.
Still based in Pittsfield Township where it occupies two office buildings, the company has been looking for new space that would bring together the 300 employees at the two offices and provide room for up to 250 new people that the company plans to hire in Ann Arbor in 2013.
According to Crain’s, Gold Star will lease at least 70,000 square feet of space in the office campus located at 00 Phoenix Avenue.
A recent market report by CBRE reveals that the vacancy rate in the Detroit metropolitan office market declined to 26.3 percent in Q4 2012 as compared to Q3, while rental rates continue to be low and attract tenants.
Chart courtesy of CBRE