Quicken Loans Group Closes Purchase of Both Chase Tower and Two Detroit Center Garage

DETROIT, April 7, 2011 /PRNewswire/ -- Dan Gilbert, Founder and Chairman of Detroit-based Quicken Loans Inc., announced the completion of the purchase of Chase Tower, a 505,000 square foot, 14-story high rise office building occupying a full city block at the foot of Campus Martius Park in downtown Detroit's central business district.

(Photo: http://photos.prnewswire.com/prnh/20110407/DE79405 )

In a separate transaction, the company also announced the finalization of the purchase of Two Detroit Center, a 1,095 space parking garage located less than two blocks from the Chase Tower.

Chase Tower, designed by famed architectural firm Albert Kahn Associates and constructed for the National Bank of Detroit (NBD) in 1959, is just steps from Quicken Loans' headquarters in the Compuware building and rests on the west side of Woodward Avenue between Fort and Congress Streets.  

When Quicken Loans and its family of companies complete their occupancy of both the Chase Tower and the recently acquired Madison Theatre building, it will employ approximately 4,000 full-time team members in downtown Detroit.  

"Detroit is open for business," said Mayor Dave Bing.  "We are thrilled to have the commitment of Dan Gilbert and Quicken Loans. This is a significant investment and another step forward as we work to attract businesses and create jobs in Detroit."

Along with Quicken Loans, J.P. Morgan Chase & Co. will continue to occupy parts of the building. In addition, a portion of the current vacant space is being allocated for several midsize to large companies that have expressed a strong interest to move into the burgeoning technology and new economy growth business district, along WEBward Avenue at Campus Martius.

In addition, the building's first floor will be redesigned and redeveloped to accommodate pedestrian-friendly retail space along Woodward Avenue.

"We are more than excited about the Chase Tower and Two Detroit Center parking garage acquisitions.  These are two additional major steps in realizing the vision of creating one of the most interesting, intriguing and electrifying urban based, downtown business districts in the entire country.  One where high-tech, web-based, entrepreneurial and service companies will flourish, attract and retain the younger generations who are increasingly responsible for creating and operating the most lively and impactful businesses in our entire economy," said Gilbert.

"The retail opportunities along Woodward Avenue at the Chase building, all along Campus Martius and even beyond that, are becoming very compelling.  With the amount of Quicken Loans related employees working and moving downtown, as well as Compuware, Blue Cross, GM and others, the interest in real and sustainable retail in downtown Detroit is becoming more and more apparent.  When you add to all of this the concept of the M-1 Light Rail running curbside along Woodward Avenue you have a true opportunity here for something very special to develop in downtown Detroit," said Matt Cullen, President and COO of Rock Companies, and longtime Detroit booster.

Once renovations are complete, the Chase office space will be a colorful, creative and collaborative space—the type of work environment for which Quicken Loans, the nation's largest online home lender in the U.S., has become known for.  

Bedrock Management Services, LLC will manage the redevelopment of the building; Rossetti Architects will design Quicken Loans' space, and Sachse Construction will renovate it.  The design phase is currently underway with construction anticipated to begin this summer and plans for occupancy later this year.  

The Chase Tower and Two Detroit Center parking garage are the most recent investments in downtown Detroit by Gilbert and his family of companies.  The Detroit based companies and investments include:

• Madison Theatre Building, located at 1555 Broadway Street, a few blocks north of Quicken Loans' headquarters, was purchased earlier this year and is currently being transformed into a unique entrepreneurial hub for tech-based and creative companies;

• Quicken Loans, which moved 1,700 of its team members and its headquarters to 244,000 square feet in the Compuware Building in August 2010;

• One Reverse Mortgage LLC, the nation's third largest retail provider of reverse mortgage home loans relocated to downtown Detroit in the Compuware building;

• Quizzle LLC, a free online tool that helps consumers better manage their home, money and credit relocated to downtown Detroit in the Compuware building;

• In-House Realty LLC, the preferred real estate partner of Quicken Loans Inc., its clients, and its partner companies (move to be completed summer 2011 to downtown Detroit)

• Fathead LLC, the leading brand in sports and entertainment graphic products (move to be completed summer 2011 to downtown Detroit);

• Bizdom U, a non-profit entrepreneurial boot camp that trains, mentors and funds future business owners to operate successful Detroit-based start-up companies;

About Rock Holdings Inc:

Rock Holdings Inc. is the parent company for several financial services related businesses and employs more than 4,000 team members. These client-focused and technologically-driven companies include Quicken Loans, the nation's largest online home lender and One Reverse Mortgage unit, the fastest growing reverse mortgage lender in America; Title Source, a nationwide leader of title insurance and settlement services; Quicken Loans Mortgage Services (QLMS), a mortgage origination platform servicing community banks and credit unions across the country; In-House Realty, the preferred real estate partner of Quicken Loans that matches clients with trusted real estate agents in all 50 states; and, Quizzle.com, the online innovator and website where consumers manage their home, money and credit. Rock Holdings, Inc. also recently moved its headquarters to downtown Detroit.

About Quicken Loans Inc.:

Quicken Loans Inc. is the nation's largest online retail mortgage lender and among the five largest overall retail home lenders in the United States. The company closed a record $29 billion in retail home loan volume across all 50 states in 2010, and recently closed its 1 millionth loan. Quicken Loans employs approximately 3,700 team members and generates loan production from five web centers located in Michigan, Ohio and Arizona. The company also operates a centralized loan processing facility in Michigan as well as its San Diego-based One Reverse Mortgage unit. Quicken Loans ranked #1 in customer satisfaction among all home mortgage lenders in the United States  by J.D. Power and Associates for 2010. "QuickenLoans.com" has been named "Best of the Web" by Forbes and Money magazines. The company also has been named to FORTUNE magazine's list of the country's "100 Best Companies To Work For" eight consecutive years, ranking as high as #2, and named in the Top-15 of Computerworld magazine's "100 Best Places to Work In Technology" for six years in a row. Quicken Loans ranked #1 in the Detroit Free Press' 'Top Workplaces of 2010' List. The company recently moved its headquarters and 1,700 of its 3,700 full-time team members to downtown Detroit. For more information about Quicken Loans, please visit www.quickenloans.com.

About One Reverse Mortgage LLC:

One Reverse Mortgage LLC is the nation's third largest retail provider of reverse mortgage home loans. The company's specialized products, focus on allowing homeowners, 62 years and older, the opportunity to convert some of the equity in their homes into tax-free cash flow without having to make any monthly payments on the "cash out loan" proceeds until the homeowner either moves from the home, sells the home or becomes deceased, in which case the home is then sold and the principal and interest owed on the loan is repaid from the sale proceeds. One Reverse Mortgage was founded in 2001, operates in 44 states across the U.S. and is a Quicken Loans company. For more visit: www.onereversemortgage.com

About Quizzle LLC:

Quizzle.com is a free personal finance tool that helps consumers better manage their home, money and credit. Located in Detroit, it began as a project inside of Quicken Loans and spun off into its own company in September 2009. At Quizzle, consumers can access helpful tools and information for free, including a credit report and score, home value estimate and neighborhood reports, home loan recommendations and a personal budget planner. In addition, Quizzle provides services to help consumers improve, manage and protect their finances, including a Credit Personal Trainer, credit monitoring, identity theft protection and a debt payoff plan. At Quizzle, consumers learn how the different areas of their finances affect one another and get tips and tools to help them make smart decisions. Quizzle ranked #1 in the Detroit Free Press' 'Top Workplaces of 2010' List. For more information, visit www.quizzle.com

About In-House Realty LLC:

In-House Realty LLC, based in Detroit, Michigan, is an affiliate to and the preferred real estate partner of Quicken Loans Inc., its clients, and its partner companies. Founded in November 2006, In-House Realty was created to provide home buyers and sellers with a more enhanced real estate experience.  A nationwide organization, In-House Realty connects people across the United States with experienced real estate agents they can trust.  A nationwide organization, In-House Realty has more than 8,000 agents in its exclusive network. The company's unique business model ensures the highest quality customer service for the consumer, the agent and the mortgage provider.

About Fathead LLC:

Fathead LLC is the leading brand in sports and entertainment graphic products. Fathead products give fans the opportunity to bring their favorite passion or inspiration to life. Fathead products include Fathead Customs, Fathead Tradeables, Fathead Skins, and Fathead's flagship "Real Big:" the officially licensed life-size, hi-def wall graphics of professional athletes, animated heroes, entertainment characters, team helmets and logos. Fathead maintains license agreements with leading consumer brands across many industries and professional sports leagues. For more information, visit www.fathead.com.

SOURCE Quicken Loans