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Local News / Business

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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