Relocation includes an investment of $85 million in the city’s resurgence
October 28, 2014 [DETROIT] – Fifth Third Bank Eastern Michigan, metropolitan Detroit’s sixth largest bank, today announced plans to relocate its headquarters with more than 150 full-time employees to downtown Detroit from its current location in Southfield, Michigan. Fifth Third Bank is the latest company to join the burgeoning business sector in the state of Michigan’s largest urban core. The bank is investing tens of millions of dollars in Detroit’s revitalization.
Fifth Third’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.
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 has long been a citizen of Detroit’s neighborhoods having built numerous branches within city limits during the past decade,” said 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.”
Fifth Third Bank serves tens of thousands of customers in eight southeastern Michigan counties: Wayne, Oakland, Macomb, St. Clair, Shiawassee, Livingston, Genesee and Washtenaw. The company currently operates 92 banking centers and more than 150 ATMs across eastern Michigan.
Dan Gilbert, founder and chairman of Quicken Loans and Rock Ventures and its family of companies, and Detroit Mayor Mike Duggan are among those applauding Fifth Third Bank’s forward-thinking decision.
“Fifth Third Bank’s relocation to downtown Detroit is further confirmation that the center of southeast Michigan’s business community is in the urban core. A well-respected Fortune 500 company moving its large regional headquarters to the city is a major statement,” Gilbert said. “Fifth Third Bank has come to the same conclusion as many other small and large businesses: To compete for the best talent, to inspire your people in the most creative and innovative environment possible, and to be exposed to numerous close-by exciting growth businesses who are all potential customers, it just makes sense to locate in downtown Detroit.”
“Fifth Third Bank is staking its claim as the Detroit bank,” added Jim Ketai, CEO and co-founding partner, along with Gilbert, of Bedrock Real Estate Services. “A vibrant downtown is important to the future of the entire state. We certainly believe this is a wise investment in the city and our region.”
Fifth Third Bank will relocate approximately 150 of its Eastern Michigan’s employees and the move will occur 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.
“Detroit continues to experience a wave of business confidence unlike anything we have seen in decades. Fifth Third Bank’s decision to move downtown is the most recent evidence that the greatest opportunities are in the Motor City,” Detroit Mayor Mike Duggan added. “On behalf of the entire city, I extend my warmest welcome to Fifth Third Bank and its team.”
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 of WilsonYoung PLC, FraserTrebilcock, and Kitch Attorneys and Counselors.
About Bedrock Real Estate Services
Detroit-based Bedrock Real Estate Services is a full-service real estate firm specializing in purchasing, leasing, financing, developing and managing commercial space. Since its founding in 2011, Bedrock has located more than 120 tenants to Detroit’s Central Business District into both office and retail spaces. In addition, Bedrock and its affiliates have invested more than $1.3 billion in more than 60 properties in downtown Detroit. For more information, visit www.bedrockmgt.com.
About Fifth Third Bank
Fifth Third Bank Eastern Michigan is one of 15 affiliate banks in 12 states operated by the parent company, Fifth Third Bank. Headquartered in Cincinnati, Ohio, Fifth Third Bank operates 1,300 banking center locations, including 100 Bank Mart locations open seven days a week inside select grocery stores, and 2,300 ATMs throughout its 12-state geographic footprint. The company first opened its doors in Cincinnati in 1858. For more information, visit www.53.com.