DETROIT – Rock Ventures LLC, today announced it will close on the purchase of downtown Detroit’s historic Federal Reserve Building, a 176,000 square-foot building that has sat vacant since 2004.
Dan Gilbert, Chairman and Founder of Quicken Loans, and majority owner of the NBA’s Cleveland Cavaliers, made the announcement to media at the M@dison Building, an entrepreneurial hub of creative and technology companies committed to ”WEBward” Avenue, a digital and web centered corridor of growth and activity. The building, now fully occupied with the city’s brightest budding entrepreneurs, underwent a $12 million renovation, blending state-of-the-art amenities with many of the original features of the 1917 structure.
“Today we unveiled our M@dison Building, showing all that is possible when passion and creativity fuse,” said Gilbert, who purchased the mostly deserted building, located steps from Grand Circus Park and the city’s sports venues, in early 2011.
“We also begin 2012 with the purchase of Detroit’s historic Federal Reserve building. We are excited to get to work and continue the momentum we have built.”
Located at 160 W. Fort Street, the Federal Reserve building was constructed in 1927 as a Classic Revival Style complex. In 1951, an eight-story glass and marble annex was added to the building. The Federal Reserve Bank moved to a new building in 2004, leaving the Fort Street property empty.
In one year’s time Gilbert’s Rock Ventures has acquired nine buildings, three parking structures and one parking lot in downtown Detroit’s burgeoning tech district. The properties account for nearly 2.1 million square-feet of office space and 3,500 parking spaces.
“Today’s announcement is a great start to what looks to be a very busy and exciting year,” said Matt Cullen, CEO of Rock Ventures. “We have a number of properties in our portfolio that we will be working to renovate and fill with job-creating businesses, while keeping a close eye on the market and making additional building purchases where it makes sense.”