Quicken Loans Founder Buys Vacant Detroit Fed Building

Law360, New York (January 30, 2012, 7:06 PM EST) -- Dan Gilbert, founder of Quicken Loans Inc. and owner of the Cleveland Cavaliers, has purchased the Federal Reserve Building in Detroit, his latest move in a series of acquisitions aimed at attracting technology startups to the city's downtown area, Gilbert's Rock Ventures LLC announced Monday.

Rock Ventures did not disclose the purchase price of the 176,000-square-foot building — Gilbert's ninth downtown Detroit purchase in the past year. The property, which has been vacant since the Federal Reserve Bank of Chicago Detroit Branch moved to a new...
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