Just how impressive has Quicken Loans founder Dan Gilbert’s commitment to downtown Detroit been? Just ask Jones Lang LaSalle.
The real estate firm recently released a chart — part of its new chart of the month feature — highlighting Gilbert’s Detroit buying spree. The numbers are impressive.
During the past three years, Gilbert’s Rock Ventures has acquired 2.9 million square feet of commercial and residential space in Detroit’s urban core. The company also owns several parking garages and a surface lot with 4,250 parking spaces.
Gilbert continued his buying spree with his recent purchase of the 1001 Woodward office building in Detroit. The building, sold by local real estate investor Dimitrios Papas, is 283,000 square feet and comes with a 730-space attached parking structure. Gilbert paid an undisclosed price for the building.
Quicken Loans plans to take 65,000 square feet of space at 1001 Woodward. This will immediately increase the building’s occupancy rate from 68 percent to 87 percent.
John Cullen, senior vice president with Jones Lang LaSalle, said that Gilbert has a vision of Detroit as a 24/7 active community, one with a Central Business District that is built out 100 percent and filled with office buildings, residential units and retail centers.
AJ Weiner, executive vice president with Jones Lang LaSalle, said that Gilbert’s efforts have already brought a younger workforce into the Central Business District.
“Since Gilbert’s initial acquisitions the daytime population has spked, driving a vibrant, energetic workforce downtown,” said Cullen, in a written statement.