Rock Ventures Purchases One Woodward in Detroit

Rock Ventures, the umbrella entity providing operational coordination of Quicken Loans Chairman Dan Gilbert, announced this week that it had added another 333,000 square feet of class-A downtown Detroit office space to its real estate portfolio. According to a CoStar report, the seller of the One Woodward building and purchase price were undisclosed, though it is known that Friedman Integrated Real Estate Solutions and Bedrock Real Estate Services, Rock Ventures' full-service real estate firm, brokered the deal. Bedrock will also serve as developer responsible for overseeing the renovations, managing the property and leasing the space.

"The One Woodward building is located in the heart of Detroit's technology core, and provides us more space to further accommodate our growing family of companies and the increasing number of businesses that want to leverage the opportunities made in Detroit," said Dan Gilbert, Founder and Chairman of Rock Ventures and Quicken Loans.

Built in 1962, One Woodward was designed by famed architect Minoru Yamasaki, and is considered an early design that ultimately led Yamasaki to create the former World Trade Center towers in New York City. The property was roughly 60% occupied at the time of sale, with major tenants including the Detroit Regional Chamber and law firms Fraser Trebilcock Davis & Dunlap, and Kitch Drutchas Wagner Valitutti & Sherbrook. Rock Ventures said that it plans to renovate the building in order to accommodate the growing demand for space in the city's emerging technology district.

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