Quicken Loans Group Closes Purchase Of Chase Tower, Two Detroit Center
The former headquarters of the National Bank of Detroit will soon be home to 2,000 workers from Quicken Loans Inc.
Quicken founder and chairman Dan Gilbert Thursday announced the completion of the purchase of Chase Tower, a 505,000-square-foot, 14-story office tower at the southern edge of Campus Martius Park in downtown Detroit.
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 the famed architectural firm Albert Kahn Associates and constructed for NBD in 1959, is a short stroll 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. "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 companies that have expressed a strong interest to move into the burgeoning technology and new economy growth business district, known as "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.
"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," Gilbert said. "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."
Added Matt Cullen, president and COO of Rock Cos.: "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."
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;
* 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;
Rock Holdings Inc. is the parent company for Quicken Loans, One REverse Mortgage, Title Source, Quicken Loans Mortgage Services, In-House Realty and Quizzle.com. Rock Holdings also recently moved its headquarters to downtown Detroit.
Quicken Loans Inc. is the nation's largest online retail mortgage lender and among the five largest overall retail home lenders in the United States. The company closed a record $29 billion in retail home loan volume across all 50 states in 2010, and recently closed its 1 millionth loan. Quicken Loans employs approximately 3,700 team members and generates loan production from five web centers located in Michigan, Ohio and Arizona.
Quicken Loans ranked No. 1 in customer satisfaction among all home mortgage lenders in the United States by J.D. Power and Associates for 2010. "QuickenLoans.com" has been named "Best of the Web" by Forbes and Money magazines. The company also has been named to FORTUNE magazine's list of the country's "100 Best Companies To Work For" eight consecutive years, ranking as high as No. 2, and named in the Top 15 of Computerworld magazine's "100 Best Places to Work In Technology" for six years in a row. Quicken Loans ranked #1 in the Detroit Free Press' 'Top Workplaces of 2010' List.
More at www.quickenloans.com
