Dan Gilbert Purchases His 9th Detroit Building: The Federal Reserve

Behold! Another thing Detroit real estate mogul Dan Gilbert owns. Well, almost. At a press conference this morning that began as the "ta-da!" media tour for Gilbert's Madison building (now re-branded with the @sinine spelling M@dsion) Gilbert himself was trotted out at the end to make the announcement of another purchase. Rock Ventures LLC, his company, will close on the 176,000 square foot Federal Reserve Bank of Chicago Detroit Branch Building later this week. It has been vacant since 2004, says the press release. The structure is described as a "Classic Revival Style complex," built in 1927 with a scarily drab eight story glass and marble annex. This is the ninth building Gilbert's company has bought in downtown Detroit. The Federal (Re$erve) Building is across the street from the Penobscot building which Emre Uralli has planned to purchase. Oh! A mogul face off on Fort Street!