Dan Gilbert's Rock Ventures has officially closed on the purchase of One Woodward Avenue, according to a Quicken Loans press release. This is far from a surprise — rumors have been swirling for months that the purchase was likely — but Gilbert and Bedrock have been completely silent on the matter until today. The sale price isn't yet available, but brokers have previously estimated it should fall in the $4 million to $6 million range.
Built in 1962, One Woodward Avenue contains 332,000 SF spread out over 28 stories, and was designed by architect Minoru Yamasaki, best known as the architect of the World Trade Center. According to the press release, the building is currently around 60% occupied, but should reach over 90% occupancy as other Gilbert-affiliated companies are brought in to fill the space. We'll bring you more updates as they come in!
· Suggestions for Dan Gilbert: How Not to Ruin an Iconic Yamasaki High Rise [Curbed Detroit]
· Rock Ventures Continues Investment in Downtown Detroit with Purchase of One Woodward Building [Quicken Loans]