X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

TOLEDO, OH-Fifth Third Bank has signed a 127,000-sf lease agreement for office and banking space at One SeaGate with the building owner, the Stamford, CT-based RVI Group. The bank had signed a letter of intent with RVI in January, and announced the agreement to change the name of the 28-story building to Fifth Third Center at One SeaGate.

The bank will have about 350 employees at the 758,000-sf building, and will completely occupy floors 4, 21, 22 and 23, as well as most of the service level. The bank will become the largest tenant in the building. There will also be a banking center on the street front lobby facing Summit Street.

As part of the deal, RVI is buying the bank’s current regional headquarters at the 17-story 606 Madison Ave. Both companies did not return calls for comment, and did not divulge the specific terms of the lease or the purchase price for 606 Madison.

In a previous interview, a bank spokeswoman said the employees will move into One SeaGate by the late fourth quarter 2007. A spokesman for RVI previously said the average lease rate in the building is $19.50 per sf.

One SeaGate was purchased in September by RVI, reportedly for $1 million and assumption of the $32 million mortgage. The building had been 50% vacant after a stormy departure of Owens-Illinois in the middle of 2006.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.