Bedrock Real Estate Services acquires landmark One Detroit Center skyscraper now renamed
“Ally Detroit Center”
March 31, 2015 [DETROIT] – Bedrock Real Estate Services, Detroit Mayor Mike Duggan and Ally Financial today announced that the leading automotive financial services company will remain in downtown Detroit and establish its new headquarters in the landmark One Detroit Center office tower located at 500 Woodward Avenue, soon to be renamed ‘Ally Detroit Center.’
Ally will move its current headquarters in the Renaissance Center as well as its other Southeast Michigan offices into one unified Michigan headquarters into the class A architecturally-regarded office tower that will now bear its name. 1,300 Ally employees will occupy 13 floors and 321,000 square feet in the center of Detroit’s burgeoning downtown business and technology district. In addition, Ally will employ approximately 200 independent third party contractors and vendors in the City of Detroit.
This historic announcement is the result of an unprecedented collaboration between Ally, the City of Detroit, and Bedrock Real Estate Services. Bedrock orchestrated both the acquisition of One Detroit and the brokering of the 12-year lease with Ally. An affiliate of Bedrock closed on the acquisition of the building this morning.
Ally Detroit Center is a 43-story, one million square foot skyscraper on Woodward Avenue between Congress and Larned Streets. The building also has an attached parking garage with more than 2,000 spaces.
“Like the City of Detroit, Ally is continuing to evolve and build upon a strong heritage,” said Ally Chief Executive Officer Jeffrey J. Brown. “This is an exciting time for our company, and bringing all of our Southeast Michigan-based associates together in one impressive building in the heart of the city sets the stage for our next chapter, which will be rooted in innovation, creativity and a strong and vibrant culture. Detroit is now a city with a lot of vitality, a strong base of talent and an exciting future, thanks in large part to the efforts of Dan Gilbert and Mayor Duggan. We look forward to being a key corporate partner to them and the community.”
The company will relocate 700 team members currently working in Detroit to Ally Detroit Center along with an additional 600 team members from its four other Southeast Michigan locations beginning in the spring of 2016. Ally provides a range of financial products and services to approximately 17,000 automotive dealers across the United States and approximately four million of their retail customers. The Fortune 500 company has nearly one million deposit holders at its Ally Bank with approximately $50 billion in deposits.
“Ally had many choices when deciding where to locate their long-term headquarters. But after careful consideration and deep analysis, the largest auto-lender in the nation chose downtown Detroit. Just like Fifth Third Bank, Meridian Health Plan, Blue Cross, Quicken Loans and many others, Ally chose the location that has the best energy, the best environment for innovation and creativity, and the location that will clearly attract the best and brightest talent; downtown Detroit,” said Dan Gilbert, Founder and Chairman of Rock Ventures and Quicken Loans. “It is becoming increasingly certain that the urban core of downtown Detroit is the place to be for businesses from large Fortune 500 companies to new economy high-tech start-ups and all kinds of businesses in between. What another exciting day for downtown Detroit and the entire region.”
“Ally Financial has been an important part of this community for decades,” added Mayor Mike Duggan. “We are pleased that such a significant stakeholder in our city will remain a central part of Detroit’s ongoing resurgence for years to come.”
Built in 1993, One Detroit Center is known as Detroit and Michigan’s tallest office building. The skyscraper, designed by noted architects John Burgee and Philip Johnson, is a recognizable fixture in the Detroit skyline with its Flemish-inspired neo-gothic spires. A new 7,000 square foot Townhouse restaurant with an all-glass dining space and retractable roof is scheduled to open in the building this summer. The office tower also houses a fitness center and cafeteria. Other major tenants include Pricewaterhouse Coopers, several law firms including Clark Hill, Dickinson Wright, Foley & Lardner, Kerr, Russell and Weber, the Police and Fire and General Retirement Systems of the City of Detroit, and many other important and growing office tenants.
“We can’t wait to welcome the Ally team to their new home at One Detroit Center,” said Jim Ketai, Managing Partner and CEO of Bedrock Real Estate Services. “This deal enabled us to match a top Michigan corporation with one of the city’s premiere commercial properties. We look forward to a long and successful future together.”
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About Ally Financial Inc.
Ally Financial Inc. (NYSE: ALLY) is a leading automotive financial services company powered by a top direct banking franchise. Ally’s automotive services business offers a full spectrum of financial products and services, including new and used vehicle inventory and consumer financing, leasing, vehicle service contracts, commercial loans and vehicle remarketing services, as well as a variety of insurance offerings, including inventory insurance, insurance consultative services for dealers and other ancillary products. Ally Bank, the company’s direct banking subsidiary and member FDIC, offers an array of deposit products, including certificates of deposit, savings accounts, money market accounts, IRA deposit products and interest checking. Ally’s Corporate Finance unit provides financing to middle-market companies across a broad range of industries.
With approximately $151.8 billion in assets as of Dec. 31, 2014, Ally operates as a financial holding company. For more information, visit the Ally media site at http://media.ally.com or follow Ally on Twitter: @Ally.
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 $1.7 billion in more than 70 properties totaling approximately 11 million square feet of commercial real estate in downtown Detroit. For more information, visit bedrockmgt.com or follow Bedrock on Facebook and Twitter: @BedrockRES. The Detroit engagement timeline and tenant list are available here.