Ally's move into 320,000 square feet of space is expected to begin next spring.
Ally Financial Inc., along with Detroit political and business leaders, said Tuesday it plans to move its headquarters and 1,300 employees to a signature office building in downtown Detroit.
Bedrock Real Estate Services LLC, owned by real estate magnate Dan Gilbert, purchased the One Detroit Center building at 500 Woodward Ave. in downtown Detroit, in a deal believed to be worth $100 million.
Ally Detroit Center will be new name of One Detroit Center, which will house Ally Financial in a nearly 13-year lease, Ally said at a news conference Tuesday. Build-out of the Ally space over 13 floors will cost about $55 million, Gilbert said.
The banking, mortgage and lending service has five locations in metro Detroit, including the current headquarters next to General Motors in the Renaissance Center. The move into the 320,000 square feet of space is expected to begin next spring.
“Like the City of Detroit, Ally is continuing to evolve and build upon a strong heritage,” Ally CEO Jeffrey Brown said in a statement. "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.