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Ally Financial to Combine Operations in New Charlotte Office Tower

Bank Commits to Crescent Communities' 26-Story Uptown Office Tower
September 20, 2017
Crescent Communities will start construction early next year on a long-planned, 26-story office tower at 601 S. Tryon St. in Charlotte after signing Ally Financial Inc. (NYSE: ALLY) to a lease covering approximately 400,000 square feet in the proposed building.

The agreement will enable Ally to consolidate its Charlotte-area operations and approximately 1,700 area employees within the 742,000-square-foot office building set to deliver in early 2021. The Detroit-based financial services company presently leases three different office locations in Charlotte's Uptown, Ballantyne and SouthPark areas.

The new office project, to be renamed Ally Charlotte Center, will be located in the Stonewall Corridor, an area south of the city that has recently experienced rapid growth with a number of new residential and commercial development projects.

Plans for the 26-story office project also include a dedicated parking garage, a full-service hotel and a ground-level public plaza with several shops and restaurants.

Charlotte-based Crescent Communities is also the developer of several other local projects, such as Piedmont Town Center, Coliseum Centre and the River District in Charlotte.

"We have been patiently searching for the ideal corporate tenant who'd appreciate a talent-centered and wellness-focused workplace and could not have found a more perfect partner in Ally," said Crescent Communities Commercial and Mixed Use President Brian Leary in a statement announcing Ally's lease commitment.

Ally's move to consolidate its office space in Charlotte is part of the company's larger strategy to secure long term leases for its operations in its largest regions. The company made a similar move in April 2016 when it consolidated 1,500 of its employees in southeast Michigan to the new Ally Detroit Center in downtown Detroit.

JLL brokers bookended both ends of the deal with Chase Monroe and Chris Schaaf representing Ally Financial and Charley Leavitt and Barry Fabyan representing Crescent Communities in the lease negotiations.

Ally Financial currently occupies several floors at 440 South Church St. in Charlotte under a lease set to expire in 2021.

The area where Ally Financial is moving is a hotbed of development activity. The Stonewall Street corridor currently has several major projects under development.

Across the street from the new Crescent Communities tower, developer Lincoln Harris and its backer, Goldman Sachs, are developing a 33-story office tower on the site of the former Charlotte Observer newspaper complex set for completion in 2019. Bank of America has leased 500,000 square feeti n the project.

One block south, another new office tower at 615 South College recently opened, with Regions Bank as its anchor tenant.

Nearby, on the corner of Stonewall and Caldwell streets, Northwood Ravin is building a 20-story tower and 421 new apartments.

Ally Financial traces its origination to General Motors Acceptance Corp. (GMAC), the auto financing arm of carmaker. was spun-off in 2006 by General Motors. It changed its name to Ally Financial four years later.
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