DETROIT-Speaking at a conference at Wayne State University Law School here on Monday, billionaire Dan Gilbert said he and his team were initially surprised and later actually pleased that Chinese investors outbid him on the purchase of the Detroit Free Press building recently.
“We were all sitting around for about a minute kind of, 'I can't believe it,' then all of sudden we started high-fiving each other,” the founder and chairman of Quicken Loans said. “We were happy that other investors, whether from China or it doesn't matter where they come from, are part of this.”
The Detroit Free Press building at 321 W. Lafayette recently sold at auction to the DDI Group based in Shanghai for $4.2 million. The newspaper vacated the building in the late 1990s when it relocated to 615 W. Lafayette. See story in the Detroit Free Press.
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