TOLEDO, OH-Fifth Third Bank has signed a letter of intent to sell its 17-story Northwest region headquarters building at 606 Madison to the RVI Group of Stamford, CT and plans to move its employees into RVI’s 28-floor One SeaGate office tower. The bank plans on leasing more than 100,000 sf at One SeaGate and will become the largest tenant in the 758,000-sf building.

Neither company would disclose the amount of the lease or the purchase, saying the intent letter is too soon to talk about specific amounts. A bank spokeswoman tells that the company hopes to move 350 employees into One SeaGate by the late fourth quarter 2007.

A spokesman for RVI Group says the bank will become the largest tenant in the building, a welcome addition after the controversial departure of Owens-Illinois. The company’s move in September to Perrysburg left the tower about half vacant. The building was reportedly purchased by RVI in September for $1 million and assumption of the $32-million mortgage.

“This new lease will bring back the vitality of the building,” the spokesman says. “Our major goal is to lease it up and continue to make this a premier space.” He would not divulge the lease rate for the deal, but tells that the average lease rate is $19.50 per sf.

The bank spokeswoman says the new lease is a good fit, in more ways than one. The bank wanted to demolish two buildings adjacent to its Madison property. “We had issues with the safety and security for our armored cars at the site, and we had city council to demolish the buildings, but the historic folks didn’t want that to occur. Now with this move, we don’t have to do that,” she says.

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