Dan Gilbert buys Detroit's 1001 Woodward office tower across from Campus Martius Park
11:44 AM, Mar 19, 2013
DETROIT (WXYZ) - Dan Gilbert's Rock Ventures has purchased another building in downtown Detroit.
The company announced today that it has purchased the 23-story, 275-000 square foot 1001 Woodward office tower. Terms of the deal were not disclosed.
The building is located at the corner of Woodward and Michigan Avenue, across from Campus Matrius Park. It is currently 68 percent occupied.
Gilbert's Quicken Loans will lease 65,000 square feet of the property, bringing the occupancy to 87 percent.
1001 Woodward currently houses GalaxE Solutions, Meridian Health Plan, the University of Phoenix and the Southeast Michigan Council of Governments.
The deal also includes an attached 730 space parking structure. Both properties also include first floor retail space.
"Detroit has become a key destination for brain economy companies," Gilbert said in a news release. "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."
Today's purchase pushes Gilbert and Rock Ventures downtown Detroit real estate holdings past 2.9 million square feet of commercial and residential properties.