Quicken shops around for downtown space

[innercitydoc]

Can' believe this hasn't been posted. I guess they're reconsidering new construction.

http://www.freep.com/article/2010100...downtown-space

[BrushStart]

Honestly, I think people are in Detroit-good-news-overload today. Between the two movie studios, a possible renovation on the Stott Bldg, GalaxE expansion, the massive turnout for Crain's Detroit Party, and this news about Quicken, it's time to just enjoy being a Detroiter this weekend.

[fryar]

The First National Building? That's awesome! Hopefully it will proceed beyond the option stage.

[Mind field]

Very positive article with the best part being that other companies are considering moving downtown, hopefully these other companies would be completely out of the sphere of Dan Gilbert's influence, now that would really be something and indicate a true paradigm shift in SE Michigan thinking.

[Designerguy24]

Quicken Loans founder and chairman Dan Gilbert is shopping around for distressed skyscrapers in downtown Detroit.





Two real estate professionals told the Free Press today that Gilbert is looking seriously at the 1920s-era First National Building on Woodward Avenue near Campus Martius Park and is looking at several other buildings as well. One of the professionals said Gilbert has taken an option on the First National Building, which is in foreclosure.

The real estate professionals spoke on condition of not being named due to the confidential nature of Quicken’s efforts.

Gilbert’s spokeswoman, Paula Silver, said today that Quicken is shopping around because it still hopes to inspire other businesses to follow its lead and move downtown.

Quicken moved 1,700 of its employees downtown from the suburbs this summer but still has about 1,000 workers that could move downtown in a year or so as suburban leases expire.

“We’re keeping our eyes open for other space in the area because not only do we want to bring more [[Quicken) people downtown, other companies are contacting us saying, ‘We’re thinking of following your momentum,’” Silver said.

She added, “We haven’t bought anything. There’s nothing firm at this time. We’re keeping our eyes open to opportunities.”

In downtown’s distressed real office market, interest does not necessarily translate into future deals. When Gilbert first announced his intention to move Quicken’s headquarters downtown in late 2007, he took options on two large sites to build a new headquarters. In the end, though, he leased space in the Compuware headquarters.





Read more: Quicken shops around for space in downtown Detroit | freep.com | Detroit Free Press http://www.freep.com/article/2010100...#ixzz11BPK8cbZ

[stinkytofu]

I'm usually a huge slappy for this type of stuff, but what exactly is news here? Isn't it common knowledge that they are looking around at more possible office space?

[DetroitScooter]

At the TEDx Detroit conference this week, Gilbert seemed adamant that he was going to purchase a "skyscraper" for "20% of the construction cost of a new building". That sounds pretty definitive for me, and although he didn't say it, I think that he is targeting the David Stott building. He said that he has options on several buildings downtown. I think that he also said that he's moving "a couple of thousand" more people downtown, not the 1,000 mentioned in the article.

Gilbert said that he has business leaders from all over calling him about what it's like in the CBD of Detroit. He also said that they want to visit to check it out. He wound up with telling us in the audience that if we were "buy low, sell high" types, now is the time to invest in Detroit. And he flatly stated that light rail is coming and that it would be great if "Mike" would build his new arena downtown [[right where we in DYes all think he will). He didn't say much about the Pistons, but what he did say was that they belonged in downtown.

Gilbert is an interesting guy who is very fired up about Detroit.

[Lowell]

There is a great opportunity for him to grab one of the available amazing architectural gems that would enhance the profile of his company -- the Guardian, Broderick, Stott, Book Tower and Whitney come quickly to mind. There is no way on earth one could afford to build new and get the art and craft of those beauties compared to the price of restoring and / retrofitting them.

If he wants to be on Campus Martius there is 1001, the Cadillac and the 1st National although I believe the tenancy is such for the last two that he couldn't make them completely his turf right away.

[stinkytofu]

At the TEDx Detroit conference this week, Gilbert seemed adamant that he was going to purchase a "skyscraper" for "20% of the construction cost of a new building". That sounds pretty definitive for me, and although he didn't say it, I think that he is targeting the David Stott building. He said that he has options on several buildings downtown. I think that he also said that he's moving "a couple of thousand" more people downtown, not the 1,000 mentioned in the article.

Gilbert is an interesting guy who is very fired up about Detroit.

That sounds very cool. If he were to purchase the Whitney, Broderick, Stott...and convert that to his HQ that would be incredible. Screw the new construction, let's take care of our empty, beautiful giants first.

[wolverine]

That sounds very cool. If he were to purchase the Whitney, Broderick, Stott...and convert that to his HQ that would be incredible. Screw the new construction, let's take care of our empty, beautiful giants first.

The Whitney, Broderick, and Stott are only [[and desirably) suitable for residental or hotel development. Here's why:

All 3 towers have narrow floorplates with windows on all sides. The views are astounding. Their potential is maximized for residential development because of their location, height, and architecture in comparison to any other structure or vacant lot in downtown.

All 3 towers are awful for modern demands of office space. Yeah they could make it work, but they type of work they do doesn't involve a skyscraper full of single person offices. The Stott and Broderick would not be suitable, but the Whitney has some potential. You could create a compuware type of condition where you make the light court an atrium and tear down all the interior walls to make it open office space. But, the Whitney has a beautiful interior on all floors. Lots of marble and old woodwork. Much of it is still in great shape. If the Whitney was converted into a hotel, you can make a floorplan work where all the finishes could be restored.

Trust me, the Whitney is one of your last vintage office buildings that remains relatively unaltered. Preservations should be doing everything they can to save this one.

[buildingsofdetroit]

"Quicken Loans founder and chairman Dan Gilbert is shopping around for distressed skyscrapers in downtown Detroit."

Ooo! Ooo! How about the Lafayette Buildi- ... aww, shucks.

[hudkina]

Didn't he actually have an option on the Lafayette at one point?

As far as the Book, Broderick, or Stott, it wouldn't make sense for him to use those buildings, though maybe he could make the 13-story original Book Building work. Hell, if he buys the whole complex, he could put the offices in the Book Building, and then have the Tower converted into apartments/condos.

I'd bet on the First National or 1001 Woodward, though I'd be interested in seeing if he could do anything with the Metropolitan. I'd also be interested in seeing if he does anything with the UA Building that Ilitch is working on.

[Hypestyles]

if Gilbert/quicken purchases the first national building, does that mean that they would move out of compuware, thus leaving lots of vacant space there instead?

[DetroitPlanner]

if Gilbert/quicken purchases the first national building, does that mean that they would move out of compuware, thus leaving lots of vacant space there instead?

I would doubt it, whil FNB has vacancies it is not an empty building. It is just across the park from Compuware so there still would be synergy. He would be a landlord similar to how Karmanos is his landlord in Compuware.

[esp1986]

Regardless of which building Gilbert eventually decides on, there will be some renovation work involved. While the First National Building is not empty, I understand that some of the parts that are empty are in fairly bad shape, and it is no surprise, as a number of the windows on upper levels have remained open from time to time. Out of all the buildings he would likely choose from, the FNB is likely in about the best shape of them all.