LIVONIA – Quicken Loans, unable to secure a construction loan for a new headquarters in downtown Detroit, will instead move its 1700 employees to leased space in the Compuware Building by mid-2010, some 18 months earlier than planned.

In November 2007, Quicken Loans announced it would relocate its

headquarters to a newly constructed building in downtown Detroit, with

options to develop several sites. Under the timeline for that plan,

construction of a new headquarters building would have been completed by

2012. But the nationwide economic downturn has made it virtually impossible

to obtain financing for the construction of new office buildings. the company said in a press release.

The decision to lease space lets the company establish a strong

presence in the city while continuing to pursue plans to develop a new

downtown headquarters when commercial construction financing becomes more

available across the country.

“We pledge to fulfill our commitment to the city,” said Founder and Chairman Dan Gilbert. “This is an interim

step that allows us to begin transforming Detroit into a high-tech hub of

business and ingenuity. Our goal is to develop a downtown headquarters once construction financing becomes available for large-scale building projects the likes of which we plan to undertake.”

Compuware Chairman and CEO Peter Karmanos Jr was excited about his new tenant at Campus Martius.

“This agreement extends an already great partnership between two of Michigan’s most innovative companies. Bringing Quicken Loans and Compuware together at One Campus Martius will make our workplace even more dynamic and collaborative. It’s great for both companies and for our employees.”

Rock Ventures President and COO Matt Cullen said the 1,700 people his company brings downtown, “will have an immediate and profound impact on the city’s economy, in terms of income tax, retail spending and housing.”

Detroit Mayor Dave Bing said while the presence of Quicken Loans will be a

scaled down version of the original plan, “it remains a good and beneficial

decision for all involved. We welcome Quicken Loans and their staff to

Detroit.”

Gilbert founded the Detroit-based Bizdom U, an entrepreneurial boot

camp, in 2007, and is an investor and vice-chairman of M-1 Rail, a light

rail system on Woodward Avenue that will connect Detroit’s largest

cultural, entertainment, educational, medical and employment centers.

For more information, click on QuickenLoans.Com

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