Fortune 500 company to move regional HQ to One Woodward building

**tkelly1986** · October-27-14, 02:33 PM

Any rumor on who this may be? And what type of jobs number we're looking at?

http://www.crainsdetroit.com/article...dward-building

**SpartanDawg** · October-27-14, 02:38 PM

With Gilbert and Duggan on deck for this press conference it better be at least a few hundred jobs coming downtown .. Kind of embarrassing otherwise to have them at a press conference for just signing a new tenant . Regardless it's great news though

**Mind field** · October-27-14, 02:40 PM

Probably won't be enough to offset the loss of Covisint to Southfield. I wonder what the occupancy rate of One Woodward is. I'm guessing around 50-60%?

**MSUguy** · October-27-14, 02:47 PM

Originally Posted by Mind field

Probably won't be enough to offset the loss of Covisint to Southfield. I wonder what the occupancy rate of One Woodward is. I'm guessing around 50-60%?

No it is much higher

One Woodward Ave.: 360,000 square feet, 95.3 percent leased.

http://www.crainsdetroit.com/article/20140324/NEWS/140329946/downtown-detroit-office-building-vacancy-rate-drops-7-7-percentage

**tkelly1986** · October-27-14, 02:49 PM

Could Gilbert pull the the Quicken employees out of there and back fill them in the Convisint space at Compuware?

**Mind field** · October-27-14, 02:58 PM

Originally Posted by tkelly1986

Could Gilbert pull the the Quicken employees out of there and back fill them in the Convisint space at Compuware?

Yeah, with the building that full, I'm hoping that is what he does.

**Dbest** · October-27-14, 03:54 PM

McCormack Baron Salazar?

**animatedmartian** · October-27-14, 04:02 PM

Originally Posted by Dbest

McCormack Baron Salazar?

They are not a Fortune 500 company. Nor do I think they have a regional HQ somewhere in Metro Detroit.

**Jimaz** · October-27-14, 05:35 PM

This would make a good guessing game.

Fortune 500 Companies By State [[Updated with 2013's Company List)

E.g., Michigan:

Ally Financial
Autoliv
Auto-Owners Insurance
Borg Warner
CMS Energy
Con-Way
Dow Chemical
DTE Energy
Ford Motor
General Motors
Kellogg
Kelly Services
Lear
Masco
Meritor
Penske Automotive Group
Stryker
TRW Automotive Holdings
Visteon
Whirlpool

**animatedmartian** · October-27-14, 05:53 PM

^Although it still could be a company not from that list since Gilbert's possible tenant is named as just having a regional HQ in Detroit. My guess is that it's some sort of financial company.

**Jimaz** · October-27-14, 05:57 PM

Originally Posted by animatedmartian

^Although it still could be a company not from that list since Gilbert's possible tenant is named as just having a regional HQ in Detroit. My guess is that it's some sort of financial company.

Agreed. That's why I wrote "E.g." Here's a complete 2014 list by rank:
List of Fortune 500 companies and their websites

Which ones can we rule out?

**Packman41** · October-27-14, 06:06 PM

Who is #361?

**401don** · October-27-14, 06:14 PM

Freep says it will occupy several floors so that should mean at least a few hundred employees.

http://www.freep.com/story/money/rea...nant/18027763/

**Packman41** · October-27-14, 06:24 PM

Maybe they will be on the 5th floor or maybe the 3rd floor? Or maybe both?

**MSUguy** · October-27-14, 06:31 PM

Originally Posted by Jimaz

This would make a good guessing game.

Fortune 500 Companies By State [[Updated with 2013's Company List)

Those companies are headquartered in Michigan, so there probably not going to have regional in state to move to Detroit.

I know there was speculation a few years back about Bank of America regional hq moving from Troy to 1001 Woodward. The low hanging fruit for speculation would companies with regional hq's in Michigan, though it'd be ideal if were an out of state company

**tkelly1986** · October-27-14, 07:58 PM

Originally Posted by MSUguy

Those companies are headquartered in Michigan, so there probably not going to have regional in state to move to Detroit.

I know there was speculation a few years back about Bank of America regional hq moving from Troy to 1001 Woodward. The low hanging fruit for speculation would companies with regional hq's in Michigan, though it'd be ideal if were an out of state company

Apparently it's Fifth Third's regional HQ

http://www.crainsdetroit.com/article...-hq-to-detroit

**jt1** · October-27-14, 08:09 PM

Originally Posted by tkelly1986

Apparently it's Fifth Third's regional HQ

http://www.crainsdetroit.com/article...-hq-to-detroit

How dare Detroit poach companies and jobs from Oakland County. They should get their own jobs and start working as a regional partner. What? Last 50 years you say? No, we ignore that when we bitch about poaching from the suburbs.

**SpartanDawg** · October-27-14, 08:12 PM

Holy moly about 50,000 SF... almost 15% of the building. quite the anchor tenant.

anyone have any idea of how many employees that will amount to? obviously looking at a few hundred here..

Purging from Southfield Town Center

... although it doesn't necessarily do anything for the greater region, definitely makes Detroit's CBD better.

**SpartanDawg** · October-27-14, 08:16 PM

Does 1000 Town Center still have "Fifth Third Bank" at the top of the tower? looks like it's going to have to come down soon if that's the case

**Packman41** · October-27-14, 08:23 PM

Yes, the sign is still on the 1000 tower.

Rough rule of thumb is 5 people for every 1000 SF. So 5 X 50 = 250 people.

**animatedmartian** · October-27-14, 08:59 PM

Originally Posted by tkelly1986

Apparently it's Fifth Third's regional HQ

http://www.crainsdetroit.com/article...-hq-to-detroit

Not surprised if this turns out to be true, but I'll still be looking forward to Gilbert's confirmation tomorrow.

It's seems odd with a downtown the size of Detroit, there aren't many financial institutions. Outside of Comerica, who else was there? If Fifth Third is coming downtown then this is a pretty big deal.

**stinkytofu** · October-27-14, 09:17 PM

Originally Posted by animatedmartian

Not surprised if this turns out to be true, but I'll still be looking forward to Gilbert's confirmation tomorrow.

It's seems odd with a downtown the size of Detroit, there aren't many financial institutions. Outside of Comerica, who else was there? If Fifth Third is coming downtown then this is a pretty big deal.

Chase's regional headquarters is downtown. Fifth Third will be joining them.

FirstMerit is in Southfield...Bank of America, PNC, Flagstar and Huntington are in Troy.

**401don** · October-27-14, 09:19 PM

Although they have been expanding outside the mid-west, this is still a mid-western bank based in Cincinnati so to call their Michigan offices a regional hq may be a bit of a stretch.

**animatedmartian** · October-27-14, 09:22 PM

Originally Posted by stinkytofu

Chase's regional headquarters is downtown. Fifth Third will be joining them.

FirstMerit is in Southfield...Bank of America, PNC, Flagstar and Huntington are in Troy.

I forgot about Chase, duh. PNC and BoA would probably be two other companies that would be great downtown.

**SpartanDawg** · October-27-14, 09:32 PM

Originally Posted by animatedmartian

I forgot about Chase, duh. PNC and BoA would probably be two other companies that would be great downtown.

flagstar is the most likely i would think out of the them. Michigan-made company should have its HQ in Michigan's most important city I would think. Like you said though this is huge having 5/3 coming downtown.

Really think the downtown office market is only a 2 years or so away from saturating to the point that we start seeing an office building boom downtown. I'm not talking 30 story towers, but definitely could see some mid-rises 5-7 story buildings start sprouting soon enough.

Gilbert has pretty much filled all his major office buildings, and quite a few of the smaller office buildings along woodward he owns. Really damn excited to see what is planned for the Hudson block// the Monroe block [[THANKS FOR TEASING US MERIDIAN)