By Edward Cardenas
DETROIT (CBS Detroit) – Fifth Third announced Tuesday morning that it will be moving its regional headquarters from Southfield to downtown Detroit.
Representatives from the Fortune 500 company were joined by Mayor Mike Duggan and Rock Ventures Founder and Chairman Dan Gilbert for the announcement of the move the One Woodward building.
“Fifth Third Bank Eastern Michigan is making a major commitment to the city of Detroit,” said David Girodat, president and CEO of Fifth Third Eastern Michigan.
Girodat said the bank is moving more than 150 full-time employees to the iconic building on Jefferson along with committing $85 million to economic development and small business lending in the city and working with Detroit to revitalize Hart Plaza.
Fifth Third will occupy 62,000 square feet on four floors in the skyscraper, which will be renamed Fifth Third Bank at One Woodward. The 29-story office tower was the first skyscraper designed by architect Minoru Yamasaki, and completed in 1962. Elements of the building’s design were utilized by Yamasaki on a later project – the World Trade Center in New York.
This is the latest company to move from the suburbs into the city. Businesses including Compuware, Quicken Loans, Campbell Ewald and Blue Cross Blue Shield who have moved employees into the city.
Fifth Third is the latest high-profile company to move into a building owned by Rock Ventures.
“I couldn’t imagine a better way to kickoff the post-bankruptcy era in Detroit,” said Mayor Mike Duggan, of the bank’s move from Southfield to Detroit.
This also was the latest announcement of a major tenant moving into a Rock Ventures building. Gilbert announced on last week on CNBC-TV that American menswear designer John Varvatos will open his first retail boutique in the Midwest in Detroit.
The 4,000-square-foot store will open in spring 2015 in a 123-year-old building at 1500 Woodward.
Bedrock Real Estate Services owns and operates more than 60 buildings in Detroit.