SOUTHFIELD, MI-Fifth Third Bank has renewed its 105,041-sf lease in 1000 Town Center here. The office serves as the Cincinnati-based financial services company’s Eastern Michigan regional headquarters.

Owned by BRE Southfield LLC, the 598,232-sf office and retail building is part of Southfield Town Center, a mixed-use center right off of I-696 and M-10. Floors in the 28-story 1000 Town Center range from 14,500 sf to 21,800 sf. Southfield Town Center amenities include a two-story garden atrium with 94,000-sf of retail that is accessible from all four of the development’s towers, as well as a Westin Hotel.

Fifth Third Bank was represented by Mark Collins and Jamie Dingeman of CB Richard Ellis Detroit, and Pankhurst Properties represented BRE Southfield LLC. Calls to CBRE and Pankhurst seeking more information about the renewal were not returned.

Across Detroit, negative absorption has been a common theme, according to CB Richard Ellis. During the third quarter, Southfield did see 471 sf of positive net absorption, which was mostly attributed to strong activity in the Class B market. In Southfield, the vacancy is 27.29%, and the average asking rate is $19.45, according to a CBRE Q3 report.

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