Fifth Third Bank is preparing a significant shift in its Texas footprint following last year’s acquisition of Comerica Bank in a $10.9 billion transaction. The bank has outlined plans to establish its Texas headquarters at Preston Center, near the intersection of Dallas North Tollway and Northwest Highway, moving key operations out of its current downtown office tower.
According to reporting from D Magazine, Fifth Third intends to exit its lease at Comerica Bank Tower in downtown Dallas, a high-rise that previously served as a major base of operations for Comerica after the bank relocated from Detroit in 2007. Fifth Third has indicated that it expects to fully vacate the Comerica Tower within the next 90 days, marking a relatively rapid transition from the legacy headquarters space.
At Preston Center, Fifth Third plans to occupy two floors totaling approximately 63,000 square feet. The relocation will position the bank in a more compact office footprint compared with its presence in the downtown tower, and will consolidate its Texas headquarters functions at a site with immediate access to a major commercial and retail hub along the Dallas North Tollway corridor.
The departure from Comerica Bank Tower comes as the building’s ownership pursues a substantial repositioning of the nearly 2 million-square-foot property. Slate Asset Management, working alongside Stream Realty, is planning a comprehensive redevelopment that will convert a large portion of the office tower into a mixed-use asset incorporating hospitality and residential components.
Under the current plan, the tower will see the addition of 242 hotel rooms and 240 residential units, significantly altering the building’s use mix and reducing its dedicated office space. Following the transformation, only about 600,000 square feet of the property will remain as office space, a notable decrease from its historic role as a predominantly office-focused high-rise.
The redevelopment strategy reflects a broader shift in how older office towers in established central business districts are being repositioned to meet evolving demand. By integrating hotel and residential uses into the existing structure, Slate Asset Management and Stream Realty are seeking to diversify the building’s income streams and align the asset with a more mixed-use urban environment.
For the approximately 200 Comerica employees who were previously based in the tower, the transition coincides with the operational integration of Comerica into Fifth Third and the relocation of core functions to Preston Center. While detailed timelines for the hotel and residential components have not been disclosed, the planned program signals a long-term repositioning of one of downtown Dallas’s most prominent office assets.
