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Friday, 8 April, 2011 2:00 AM
Quicken
Loans Group Closes Purchase of Both Chase Tower and Two Detroit
Center Garage
Organization
confirms plans to move an additional 2,000 Quicken Loans team members
to 'WEBward Avenue' in downtown Detroit
Photo
credit: PRNewsFoto/Quicken Loans
Dan
Gilbert, Founder and Chairman of Detroit-based Quicken Loans
Inc., announced the completion of the purchase of Chase
Tower, a 505,000 square feet, 14-story high rise office
building occupying a full city block at the foot of Campus
Martius Park in downtown Detroit's central business district.
The purchase is another step toward Gilbert's vision of
WEBward Avenue - an interesting, intriguing and electrifying
urban based, downtown business district where high-tech,
web-based, entrepreneurial and service companies will flourish.
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DETROIT
-- Dan Gilbert, Founder and Chairman of Detroit-based Quicken
Loans Inc., announced the completion of the purchase of Chase Tower,
a 505,000 square foot, 14-story high rise office building occupying
a full city block at the foot of Campus Martius Park in downtown
Detroit's central business district.
In a separate transaction,
the company also announced the finalization
of the purchase of Two Detroit Center, a 1,095 space parking garage
located less than two blocks from the Chase Tower.
Chase Tower, designed
by famed architectural firm Albert Kahn Associates
and constructed for the National Bank of Detroit (NBD) in 1959,
is just
steps from Quicken Loans' headquarters in the Compuware building
and
rests on the west side of Woodward Avenue between Fort and Congress
Streets.
When Quicken Loans and
its family of companies complete their occupancy
of both the Chase Tower and the recently acquired Madison Theatre
building, it will employ approximately 4,000 full-time team members
in
downtown Detroit.
"Detroit is open
for business," said Mayor Dave Bing. "We are thrilled
to have the commitment of Dan Gilbert and Quicken Loans. This is
a
significant investment and another step forward as we work to attract
businesses and create jobs in Detroit."
Along with Quicken Loans,
J.P. Morgan Chase & Co. will continue to
occupy parts of the building. In addition, a portion of the current
vacant space is being allocated for several midsize to large companies
that have expressed a strong interest to move into the burgeoning
technology and new economy growth business district, along WEBward
Avenue at Campus Martius.
In addition, the building's
first floor will be redesigned and redeveloped to accommodate pedestrian-friendly
retail space along Woodward Avenue.
"We are more than
excited about the Chase Tower and Two Detroit Center
parking garage acquisitions. These are two additional major steps
in
realizing the vision of creating one of the most interesting, intriguing
and electrifying urban based, downtown business districts in the
entire
country. One where high-tech, web-based, entrepreneurial and service
companies will flourish, attract and retain the younger generations
who
are increasingly responsible for creating and operating the most
lively
and impactful businesses in our entire economy," said Gilbert.
"The retail opportunities
along Woodward Avenue at the Chase building,
all along Campus Martius and even beyond that, are becoming very
compelling. With the amount of Quicken Loans related employees working
and moving downtown, as well as Compuware, Blue Cross, GM and others,
the interest in real and sustainable retail in downtown Detroit
is
becoming more and more apparent. When you add to all of this the
concept of the M-1 Light Rail running curbside along Woodward Avenue
you
have a true opportunity here for something very special to develop
in
downtown Detroit," said Matt Cullen, President and COO of Rock
Companies, and longtime Detroit booster.
Once renovations are
complete, the Chase office space will be a
colorful, creative and collaborative space--the type of work environment
for which Quicken Loans, the nation's largest online home lender
in the
U.S., has become known for.
Bedrock Management Services,
LLC will manage the redevelopment of the
building; Rossetti Architects will design Quicken Loans' space,
and
Sachse Construction will renovate it. The design phase is currently
underway with construction anticipated to begin this summer and
plans
for occupancy later this year.
The Chase Tower and Two
Detroit Center parking garage are the most
recent investments in downtown Detroit by Gilbert and his family
of
companies. The Detroit based companies and investments include:
-- Madison Theatre Building, located at 1555 Broadway Street, a
few
blocks
north of Quicken Loans' headquarters, was purchased earlier this
year
and is currently being transformed into a unique entrepreneurial
hub for
tech-based and creative companies;
-- Quicken Loans, which
moved 1,700 of its team members and its
headquarters to 244,000 square feet in the Compuware Building in
August
2010;
-- One Reverse Mortgage
LLC, the nation's third largest retail
provider of
reverse mortgage home loans relocated to downtown Detroit in the
Compuware building;
-- Quizzle LLC, a free
online tool that helps consumers better manage their home, money
and credit relocated to downtown Detroit in the Compuware building;
-- In-House Realty LLC,
the preferred real estate partner of
Quicken Loans
Inc., its clients, and its partner companies (move to be
completed
summer 2011 to downtown Detroit)
-- Fathead LLC, the
leading brand in sports and entertainment
graphic
products (move to be completed summer 2011 to downtown Detroit);
-- Bizdom U, a non-profit
entrepreneurial boot camp that trains,
mentors
and funds future business owners to operate successful
Detroit-based
start-up companies;
Source:
Quicken Loans
Related
Story: Quicken
Loans to Move Headquarters, 1,700 Employees to Downtown Detroit
by Mid-2010
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