Fifth Third moving to One SeaGateWritten by Jacob Ruhe | | email@example.com
Fifth Third Bank is moving its Toledo headquarters to One SeaGate, the city’s tallest building, later this year.
Though it has not yet been determined how much space Fifth Third will lease, the bank will become the largest tenant in the skyscraper. Fifth Third has signed a letter of intent to lease space from the RVI Group, which owns One SeaGate. As part of the deal, RVI will purchase the bank’s current headquarters, Fifth Third Center at 606 Madison Ave.
Officials from Fifth Third and RVI declined to disclose the financial terms of the transaction. The details of the final lease, purchase and sale agreements are still being negotiated.
In conjunction with the deal, the 32-story building along the Maumee River will be renamed Fifth Third Center at One SeaGate.
Darrel Seife, RVI vice president and senior counsel, said Fifth Third will help fill the void left by Owens-Illinois when it moved its global headquarters from One SeaGate to Perrysburg last year. Owens-Illinois was One SeaGate’s largest tenant, and its move left the skyscraper’s future in question.
Fifth Third plans to move approximately 350 employees into One SeaGate near the end of the year, most of them coming from its current Madison Avenue headquarters.
“Fifth Third’s announcement will act as a catalyst to attract additional office and retail tenants to One SeaGate,” RVI President and CEO Douglas May said.
Seife said this is true because Fifth Third’s move provides stability for the building’s future.
Karen Fraker, senior vice president of marketing for Fifth Third, said the bank is making the move because it understands the importance of maintaining One SeaGate as a viable Downtown office building. She said if the bank didn’t move, it planned to tear down the Hulce and Annex buildings of its current headquarters to build a secure loading and drop-off area for couriers and armored cars.
“Space is available for a secured drop-off area at One SeaGate,” she said.