DETROIT — Fifth Third Bank Eastern Michigan plans to relocate its headquarters from its current location in Southfield to downtown Detroit. The relocation includes an investment of $85 million in the city’s resurgence.
With more than 150 full-time employees, Fifth Third Bank’s new offices will occupy four floors encompassing 62,000 square feet with options for future growth at One Woodward Avenue, one of more than 60 properties owned and operated by Bedrock Real Estate Services. The skyscraper will be renamed Fifth Third Bank at One Woodward.
“Fifth Third Bank has long been a citizen of Detroit’s neighborhoods having built numerous branches within city limits during the past decade,” says David Girodat, president and CEO of Fifth Third Bank Eastern Michigan. “Now that we’ve established a footprint in the city, we wanted to move our headquarters to be part of the downtown movement and contribute to the remarkable resurgence Detroit is experiencing.”
Built in 1962, the 29-story landmark office tower was the first skyscraper designed by architect Minoru Yamasaki, best known as the architect of the World Trade Center. Yamasaki used elements of the 361,100 square foot building’s design for the Twin Towers in New York City.
The bank’s move is part of an $85 million commitment to Detroit, which includes charitable donations, small business lending, Community Development Corporation tax credit investments, and economic impact contributions over the next five years. This initiative, being called ‘5/3 (Five Three) in the D,’ includes more than $1 million in upgrades and renovations to the popular Northwest Activities Center at 18100 Meyers.
The facility provides crucial social services and community programs for Detroit residents. Fifth Third Bank also intends to partner with the city to ‘adopt’ Hart Plaza and enhance it as a premier public space along the Detroit riverfront.
Fifth Third Bank will relocate in phases over the next two years. The first wave of employees, including the executive leadership team, will move to One Woodward in March 2015. The full relocation is expected to be complete by summer 2016.
Other signature tenants in the One Woodward Avenue building include national home lender Quicken Loans, Heritage Vision Plans Inc., venture capital firm Fontinalis Partners, global brand agency Jack Morton Worldwide, Cambridge Consulting, construction experts PMA Consultants, the Detroit Regional Chamber and the law firms WilsonYoung PLC, FraserTrebilcock, and Kitch Attorneys & Counselors.
— Danielle Everson