Introduction to the Merger
The $11 billion merger of Fifth Third Bank and Dallas-based Comerica has passed shareholder votes, leading to potential layoffs at Comerica in North Texas. The all-stock deal is expected to close in the first quarter of this year, resulting in one combined bank under the Fifth Third name. This leaves a significant question: what to do with the 787-foot downtown skyscraper bearing the Comerica name?
Comerica Bank Tower
Comerica Bank Tower at 1717 Main St. is Comerica’s corporate headquarters, with around 1,000 employees working out of the company’s leased space in the building. The building was renamed when Comerica moved in in 2007. 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.
Real Estate Footprint
Fifth Third is evaluating its real estate footprint to ensure it operates efficiently while positioning the new Fifth Third for long-term growth and sustainable profitability. The company remains committed to maintaining a strong presence in Dallas, ensuring employees are well-placed to support customers and the communities they serve. The downtown skyscraper was constructed in 1987 as the headquarters of MCorp Bank and has a complex history, including foreclosing twice in the ‘90s and lacking a lead tenant.
History of Comerica Bank Tower
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.
Redevelopment Plans
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.
Layoffs and Expansion
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. Fifth Third emphasized its commitment to Texas and Dallas-Fort Worth, planning to open 150 new branches in Texas by 2029.
Impact on Downtown Dallas
Many eyes are on Comerica, the tower, and its downtown employees after AT&T announced 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.
Observers are concerned about what the loss of thousands of workers between AT&T and Comerica could do to efforts to revitalize downtown Dallas.
Other Affected Properties
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.
Todd and his firm invested roughly $460 million into a redo of the former First National Bank Tower in downtown.
<img loading="lazy" style="aspect-ratio:190 / 127" class="dmnc_features-article-body-embeds-subject-tag-list-with-images-list-with-images-module6H-hI dmnc_images-modern-image-module__QFaG- max-w-full h-auto text-white dmnc_images-modern-image-module9Zlll bg-gray-light object-contain" width="190" height="127" src="https://dmn-dallas-news-prod.cdn.arcpublishing.com/resizer/v2/ZNHYUMFDLVCCZBORE5SYL7AX6Q.jpg?auth=db77fe2be11551211fe5a3e74d8280829115c307e6613ca03cfb4dcd1065924e&quality=80&height=127&width=190&smart=true" alt="A Dallas police vehicle is seen, Wednesday, Dec. 24, 2025, in Dallas
