Gilbert makes ninth downtown purchase with Federal Reserve Building

The Dan Gilbert downtown Detroit Monopoly board is getting bigger now that the chairman of Quicken Loans has purchased his ninth building in the central business district. The real-estate arm of Gilbert's family of companies, Rock Ventures, has purchased the historic Federal Reserve Building just west of Campus Martius.

"It's a unique building that does need some work," Gilbert says. "It's sort of like the Chase (Tower)."

The Chase Tower, the building just south of Campus Martius that looks like a cheese grater, is one of nine buildings Rock Ventures have bought along the Woodward Corridor between Grand Circus Park and Campus Martius. Gilbert's companies rehabbed the Chase Tower so several of its floors house Quicken Loans employees. Rock Ventures has also purchased three parking garages and one parking lot downtown. In total, Gilbert controls nearly 2.1 million square feet of office space and 3,500 parking space.

The Federal Reserve Building is located at 160 W Fort St. The classic revival-style structure was originally built in 1927 and received an 8-story glass and marble addition in 1951. The Federal Reserve moved out of the building in 2004 and it has been vacant ever since. Rock Ventures plans to renovate the 176,000-square-foot structure and keep it as office space.
 
Source: Dan Gilbert, chairman of Quicken Loans
Writer: Jon Zemke

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