DETROIT — Downtown Detroit’s First National Building became home to another 500 professionals this week as Title Source began moving its 1,500 Michigan-based employees into the building.
Title Source bills itself as the largest independent provider of title insurance, property valuations and settlement services in the nation.
During a press conference held in the shadow of the First National Building in Cadillac Square, Title Source President Jeff Eisenshtadt announced that the company, when fully moved in, will occupy more than 330,000 square feet across 10 floors, or more than 40 percent, of the historic building.
Title Source’s move will put a total of more than 6,500 of Rock Ventures companies’ employees downtown along Woodward Ave.
“Our team members are extremely excited to move to downtown Detroit, particularly the First National Building, which is just steps from Campus Martius Park,” said Eisenshtadt, adding that he expects all Title Source team members to be moved in within six months. ”We have been watching all of the great things going on in Detroit and are very eager to contribute to the turnaround of a great American city. We can’t wait to explore all of what downtown has to offer.”
Title Source is a Rock Ventures LLC company. Rock Ventures, the umbrella entity formed to provide operational coordination, guidance and integration of Detroit businessman Dan Gilbert’s portfolio of companies, investments and real estate, acquired the First National Building in August 2011.
The 800,000 square-foot structure was built in 1930, and in the past six months has undergone extensive renovations. The 25-story Albert Kahn-designed building snakes through an entire city block; other tenants include the law firm of Honigman, Miller, Schwartz and Cohn, and the United Way of Southeastern Michigan.
Title Source’s move brings the occupancy rate of the First National Building to 93 percent.
“It is a transformational time for Detroit as we add 1,500 enthusiastic new team members to downtown’s growing technology and entrepreneurial district,” said Gilbert, Chairman of Rock Ventures and Quicken Loans. “Just as exciting is the number of supporting businesses that are opening up in the downtown area to serve the needs of the growing ranks of those who work here. It is a fantastic time to be an entrepreneur in Detroit.”
Title Source has provided settlement services to Quicken Loans (previously Rock Financial) since 1997 and has more than doubled its employee count over the past year.
Bedrock Real Estate Services LLC, Rock Ventures’ property management firm, helped oversee the purchase and redevelopment of the First National Building. Von Staden Architects designed Title Source’s space, and Sachse Construction renovated it.
More at www.titlesource.com.