The $11 billion merger of Fifth Third Bank and Dallas-based Comerica passed shareholder votes earlier this week, and soon after, reports emerged of potential layoffs at Comerica in North Texas.
The all-stock deal, expected to close in the first quarter of this year, will result in one combined bank under the Fifth Third name. This leaves a problem: what to do with the 787-foot downtown skyscraper bearing the Comerica name?
Comerica Bank Tower at 1717 Main St. is Comerica’s corporate headquarters. Around 1,000 employees work out of the company’s leased space in the building, which was renamed when Comerica moved in in 2007.
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There’s no straight answer on what Fifth Third plans to do with the naming of the tower, or the space within it, but it will be responsible for the lease on the building when the merger is official.
D-FW Real Estate News
“As we plan for our combination with Comerica, we are evaluating our real estate footprint to ensure we operate efficiently while positioning the new Fifth Third for long-term growth and sustainable profitability,“ Fifth Third said in a statement.
“While some changes are expected, we remain committed to maintaining a strong presence in Dallas. This will ensure our employees are well-placed to support our customers and the communities we serve,” the statement continued.
The downtown skyscraper, the third-tallest building in the city, was constructed in 1987 as the headquarters of MCorp Bank. The bank collapsed soon after, and the building then went through a period of turmoil, foreclosing twice in the ‘90s and lacking a lead tenant.
When Comerica moved its headquarters to Dallas in 2007, it leased five stories at 1717 Main, and the building was renamed after the company. Since then, Comerica Bank Tower has been a fixture in the Dallas skyline and the bank an anchor of the Central Business District.
Dykema has been a tenant in Comerica Bank Tower since 2007.
DMN files.
The tower is owned by Toronto’s Slate Asset Management, which acquired the building in 2024, and managed by Dallas commercial real estate firm Stream Realty. The duo has introduced an ambitious plan to redevelop the building into a mixed-use locale with hotel, residential and office space.
On Tuesday, The News confirmed that Fifth Third would weigh layoffs of its North Texas workforce, and on Wednesday, a WARN letter filed with the Texas Workforce Commission said that 184 employees in Frisco would be affected by a reduction in force taking place on March 13.
The laid-off employees work at Comerica’s Business and Innovation Hub, which was announced in 2022 and is located at Frisco Star Tower.
It is unclear if further layoffs may take place among workers at Comerica Bank Tower.
Fifth Third emphasized its commitment to Texas and Dallas-Fort Worth in its email.
“Fifth Third plans to open 150 new branches in Texas by 2029, including advancing our growth strategy in the Dallas market and supporting the dynamic and growing communities of the Metroplex,” the statement reads. “Upon combining with Comerica’s existing footprint, this expansion is expected to position Fifth Third among the top five banks in terms of branch presence in Dallas, Houston, and Austin.”
Many eyes are on Comerica, the tower and its downtown employees after AT&T announced Monday it would move its global headquarters from its downtown tower to a bespoke campus in Plano.
Around 6,000 AT&T employees were assigned to the Whitacre Tower office as of 2022, and it’s unclear how many will continue working downtown once the company opens its new campus in 2028.
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Observers are concerned about what the loss of thousands of workers between AT&T and Comerica could do to efforts to revitalize downtown Dallas.
Comerica Bank Tower is not the only prominent piece of real estate affected by the merger. According to The Detroit News, Comerica Park, home of the MLB’s Detroit Tigers, will be renamed as soon as 2027 as a result of the merger.
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