Title Source to Move 1,500 Employees to Downtown Detroit

July 26, 2012

Title Source, a provider of title insurance, property valuations and settlement services, made the first move in a series to bring all 1,500 of its Michigan-based team members to downtown Detroit’s Central Business District.

Title Source President Jeff Eisenshtadt announced that the company , when fully moved in, will occupy more than 330,000 square feet across 10 floors, or more than 40 percent, of the historic First National Building.

“Our team members are extremely excited to move to downtown Detroit, particularly the First National Building, which is just steps from Campus Martius Park,” said Eisenshtadt, adding that he expects all Title Source team members to be moved in within six months. “We have been watching all of the great things going on in Detroit and are very eager to contribute to the turnaround of a great American city. We can’t wait to explore all of what downtown has to offer.”

Title Source is a Rock Ventures LLC company. Rock Ventures, the umbrella entity formed to provide operational coordination, guidance and integration of Detroit businessman Dan Gilbert’s portfolio of companies, investments and real estate, acquired the First National Building in August 2011.

The 800,000 square-foot structure was constructed in 1930, and in the past six months has undergone extensive renovations while maintaining the elegant historical features of the original design. The 25-story Albert Kahn-designed building snakes through an entire city block; other tenants include the law firm of Honigman, Miller, Schwartz and Cohn, and the United Way of Southeastern Michigan.

Title Source’s move brings the occupancy rate of the First National Building to 93 percent.

“It is a transformational time for Detroit as we add 1,500 enthusiastic new team members to downtown’s growing technology and entrepreneurial district,” said Gilbert, chairman of Rock Ventures and Quicken Loans. “Just as exciting is the number of supporting businesses that are opening up in the downtown area to serve the needs of the growing ranks of those who work here. It is a fantastic time to be an entrepreneur in Detroit.”

Title Source has provided settlement services to Quicken Loans (previously Rock Financial) since 1997 and has more than doubled its number of team members in the past year alone.

By early 2013, the number of Rock Ventures team members working in downtown Detroit will surpass 6,500. Rock Ventures’ mission to relocate all Michigan-based team members to Detroit started in August 2010 when Quicken Loans and five sister companies moved 1,700 people to the Compuware Building.

Bedrock Real Estate Services LLC, Rock Ventures’ full-service property management firm, helped oversee the purchase and redevelopment of the First National Building. Von Staden Architects designed Title Source’s space, and Sachse Construction renovated it.

Contact ALTA at 202-296-3671 or communications@alta.org.