DETROIT— Rock Ventures today grew its real estate footprint in the heart of Detroit’s emerging technology district with the acquisition of the 1001 Woodward office tower.
Located at the corner of Woodward and Michigan Avenues, across from Campus Martius Park, the 23-story 1001 Woodward features 275,000 square-feet of Class-A office space. The building was designed by Detroit-based SmithGroup, and built in 1965 for the First Federal Savings and Loan of Detroit.
1001 Woodward features first floor retail space and is home to GalaxE.Solutions, Meridian Health Plan, the University of Phoenix and the Southeast Michigan Council of Governments (SEMCOG), among others. The property is currently 68 percent occupied. Quicken Loans will lease 65,000 square feet, bringing the occupancy of the building to 87 percent.
Also included in the acquisition is an attached parking structure providing 730 spaces and 15,000 square feet of prime first floor retail space facing Woodward Avenue.
“Detroit has become a key destination for brain economy companies,” said Dan Gilbert, founder and chairman of Rock Ventures and Quicken Loans. “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.”
The building acquisition was brokered by Bedrock Real Estate Services LLC, Rock Ventures’ full-service real estate firm and developer for the project. Bedrock will also oversee renovations, managing the property and leasing the space.
With this acquisition, Rock Ventures’ real estate portfolio now totals 2.9 million square feet of commercial and residential space in Detroit’s growing urban core. The group also owns several parking garages and a surface lot totaling 4,250 parking spaces. In addition, the company is currently developing a 33,000 square-foot specialty retail development and a 10-story parking garage.