Fifth Third uses Detroit relocation as reinvention

When Fifth Third Bank moves its Eastern Michigan headquarters to downtown Detroit from Southfield starting this October, it will occupy 40% less office space, even though it has grown its staff by 30 people since announcing the relocation last fall.

"This is not just a new address, it's a new way to work each day," says Jack Riley, Fifth Third vice president and marketing director, of the move to four floors of the 28-story One Woodward building overlooking Hart Plaza and the Detroit riverfront.

The intent is to shake up the Fifth Third culture, using the move as a catalyst to upgrade technology, tear down silos between traditional business lines and increase flexibility and work-at-home options for staff.

"Detroit has been chosen as the pilot market for a new type of office space that will serve as the model Fifth Third will adopt across its entire enterprise," says David Girodat, the bank's president and CEO for Eastern Michigan.

Fifth Third Bank Eastern Michigan is one of 15 affiliate banks in 12 states operated by Fifth Third Bancorp, headquartered in Cincinnati.

Girodat has cited talent attraction and retention as the key drivers for the regional HQ move from Detroit's suburbs downtown; the bank has pledged $85 million in economic development investments over the next five years in Detroit, with a focus on helping to revitalize Hart Plaza.

His original plan called for moving 150 Fifth Third employees downtown starting this June, from 105,000 square feet of space in Southfield town Center to 62,000 square feet in One Woodward. But now Fifth Third is planning to move 180 people into the new digs and has pushed the start date for the move-in to late October, with two more waves next year.

When Fifth Third decided to use Detroit as a model for system-wide culture and workplace changes, the firm set in motion an extensive process, including an online survey and a series of focus groups in April, and to get input from employees. It's working with CB Richard Ellis' Occupancy and Workplace Performance Group on the office space design.

Fifth Third signage appeared on the One Woodward building April 29, and the bank kicked off its "5/3 in the D" initiative with a May 1 rally at Cadillac Square, as it continues to consult with the Detroit Economic Growth Corp. (DEGC) to formulate a long-term plan for the refurbishment of Hart Plaza.

Last week, company employees met to hear reports on work pods and other concepts raised in the focus groups, and to discuss cultural issues related to the impending move. After a plan is finalized in the next few months, build-out of the space is expected to commence in August.

Even though Fifth Third is paying rent for the new space before its move-in, it's critical to carefully work through the process of reinventing the work space – especially since it's viewed as a company wide model.

"We only get to ring this bell once," Riley says.

Contact Tom Walsh: twalsh@freepress.com, also follow him on Twitter @TomWalsh_freep.