1001 Woodward In Downtown Detroit Is The Latest Building Bought By Dan Gilbert And Rock Ventures

Mar 19, 2013 | Updated Mar 19, 2013

Rock Ventures announced Tuesday the company had bought yet another building in Detroit. 1001 Woodward Avenue is just the latest downtown real estate investment for developer Dan Gilbert, founder and chairman of Rock Ventures and Quicken Loans.

The 23-story building is located at Michigan Avenue by Campus Martius Park and has first floor retail space. It's home to GalaxE.Solutions, Meridian Health Plan, the University of Phoenix and the Southeast Michigan Council of Governments (SEMCOG). According to a release, the tower came 68 percent occupied but space to be used by Quicken Loans will bring that up to 87 percent.

Gilbert sees the building as a potential home for tech companies.

“Detroit has become a key destination for brain economy companies,” he said in a statement. “The acquisition of the 1001 Woodward building allows us to continue to offer premium office space at affordable rates for those looking to join us in the technology district that is gaining more and more momentum each and every day.”

1001 Woodward is Gilbert's first building purchase this year and his first on that block, but it's only a few hundred feet to his next-closest property. He acquired 15 buildings in 2011 and 2012, all clustered in a few blocks of downtown. Soon, the area is going to run out of buildings for him to buy.

But his strategy must be working. With a net worth of $3.5 billion, Forbes recently found him to be the third-richest person in Michigan.

Gilbert also got a step closer this week to his goal of owning Greektown Casino-Hotel. According to the Detroit Free Press, he reached an agreement with the casino over possible sale terms to buy out shareholders. Gilbert still needs approval from the Michigan Gaming Control Board.

Below, check out all the things Gilbert got up to in 2012.

Dan Gilbert's Detroit Investments In 2012