Ally Financial Inc (NYSE: ALLY) announced Tuesday that it would move its headquarters into One Detroit Center at 500 Woodward in downtown Detroit.
Detroit City Is The Place To Be
Dan Mullen, vice president of development at Bedrock Real Estate Services which was acquiring the building and then leasing the space to Ally, said that Detroit is the "place to be."
Detroit is "the number one spot if you're looking to grow your business" and for companies seeking "connectivity, collaboration and innovation, you have to be in downtown Detroit," according to Mullen.
Mullen was also looking forward to the boost the move will give to the downtown area. With 1,500 more people working in the area, Mullen felt would help retail and restaurants to flourish.
Related Link: If You Were A Free Agent, What Would You Do In Detroit With 4 Million?
Gina Proia, Ally Financial Chief Communications Officer, told Benzinga, "Today Ally has five separate facilities across Southeast Michigan, many with leases coming due next year. This is an opportunity for us to find a new Michigan headquarters that can bring all of our associates in the area together to drive more collaboration and creativity. The opportunity at One Detroit Center was the perfect combination of quality office space, a great location and a vibrant local business community."
The Right Option
Ally had been looking for a new location that could accommodate its need for 300,000 square feet of space for some time.
"When the opportunity came to us for One Detroit Center, we knew that was the right option for us," Proia said. "Ally has had a presence in Detroit for decades and we are pleased to continue to be part of the city."
Ally Financial closed at $20.98 Tuesday, up 1.5 percent.
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