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Dan Gilbert Buys One Woodward Building

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DETROIT (AP) - Quicken Loans chief says his business umbrella company is buying downtown Detroit’s 26-story One Woodward building as he continues to expand his real estate holdings in the area.

The 333,000-square-foot building is in the heart of the city’s central business district near the Coleman Young Municipal Center. It was designed by World Trade Center architect Minoru Yamasaki and opened in 1962.

Dan Gilbert says the building is about 60 percent occupied and says that will rise to 90 percent in January when Quicken Loans and related businesses lease eight floors. He didn’t disclose the purchase price.

Since January 2011, Gilbert’s Rock Ventures has bought 10 buildings with about 2.5 million square feet of office space, as well as two parking garages with 3,500 spaces.

(© Copyright 2012 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.)

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