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Thursday, 23 July, 2009 2:56 AM
Quicken Loans to Move Headquarters, 1,700 Employees to Downtown Detroit by Mid-2010
Move establishes large Quicken Loans presence downtown two years earlier than original plan
LIVONIA, Mich. -- Quicken Loans today announced plans to move its headquarters and approximately 1,700 of its team members to leased space in downtown Detroit's Compuware Building by mid-2010. The move is subject to state and city approvals.
In November 2007, Quicken Loans announced it would relocate its headquarters to a newly constructed building in downtown Detroit, with options to develop several sites. Under the timeline for that plan, construction of a new headquarters building would have been completed by 2012. But the nationwide economic downturn has made it virtually impossible to obtain financing for the construction of new office buildings.
The decision to lease space enables the company to establish a strong presence in the city while continuing to pursue plans to develop a new downtown headquarters when commercial construction financing becomes more available across the country.
"We pledge to fulfill our commitment to the city. This is an interim step that allows us to begin transforming Detroit into a high-tech hub of business and ingenuity," said company founder and chairman Dan Gilbert. "Our goal is to develop a downtown headquarters once construction financing becomes available for large-scale building projects the likes of which we plan to undertake."
"Our move to the Compuware Building will get our folks working in the city even quicker than if we waited out the construction process as originally planned," said Matt Cullen, president and COO of Rock Ventures, who is spearheading Quicken Loans' move downtown. "The 1,700 people we are bringing downtown will have an immediate and profound impact on the city's economy, in terms of income tax, retail spending and housing."
"The move of Quicken Loan's headquarters to Detroit is highly anticipated," said Detroit Mayor Dave Bing. "While their presence will be a scaled down version of the original plan, it remains a good and beneficial decision for all involved. We welcome Quicken Loans and their staff to Detroit."
"This agreement extends an already great partnership between two of Michigan's most innovative companies," said Compuware Chairman and CEO Peter Karmanos, Jr. "Bringing Quicken Loans and Compuware together at One Campus Martius will make our workplace even more dynamic and collaborative. It's great for both companies and for our employees."
"Quicken Loans remains dedicated to being part of the ongoing transformation of the city," said Gilbert. "As we've studied our site options for a new headquarters, we have continued to infuse energy into other business and infrastructure initiatives to enhance the city."
Gilbert founded the Detroit-based Bizdom U, an entrepreneurial boot camp, in 2007, and is an investor and vice-chairman of M-1 Rail, a light rail system on Woodward Avenue that will connect Detroit's largest cultural, entertainment, educational, medical and employment centers.
About Quicken Loans:
Quicken Loans is the nation's largest online retail mortgage lender and one of the five largest retail mortgage lenders overall. The company closes loans from five Web Centers located in Michigan, Ohio and Arizona, as well as its San Diego-based One Reverse Mortgage unit.
The QuickenLoans.com Web site has been named "Best of the Web" by Forbes and Money magazine. Quicken Loans currently has been named to Fortune Magazine's "100 Best Companies to Work for in America" list for six consecutive years, ranking as high as #2. The company also has been named one of Computerworld Magazine's "100 Best Places to Work in Technology" for the past five years. For more information, visit www.QuickenLoans.com.
Source: Quicken Loans
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