October 30, 2017 (DETROIT) – UBS today announced plans to establish a new wealth management branch office in Downtown Detroit, opening in Summer 2018. The firm has agreed to lease the sixth floors of 1515 Woodward Avenue and 1529 Woodward Avenue. Built in 1908 and 1891, respectively, these buildings are among Detroit’s mid-rise architectural treasures, previously serving as homes to the celebrated Grinnell Brothers Music House and Sanders, purveyors of fudge and other confections.
“As a result of the efforts of investors, entrepreneurs and local business owners, in recent years Detroit has seen rapid growth in its urban core and beyond,” said Tom Naratil, President Americas and President Wealth Management Americas. “Our decision to enhance our presence in the city springs from a focus on serving our clients where they live and work. We’re proud to play a role in the city’s ongoing economic success, and we look forward to reopening for business in Downtown Detroit.”
The new office will be leased from commercial real estate firm Bedrock and will occupy roughly 13,000 square feet, with construction beginning in early 2018. UBS plans to partner with local companies and use materials manufactured in Detroit and across Michigan to construct the new loft-style space. Architectural firm Verderame | Cale will design the branch’s interior, and locally-based construction company Barton Malow will serve as lead contractor.
In addition to building out its own wealth management office, UBS will dedicate roughly 6,000 square feet to The UBS Woodward Gallery, a space that will be made available to local nonprofits and civic organizations for leadership meetings and conferences. The Gallery will prominently feature industrial design elements and historically inspired art that reflect Detroit’s proud traditions and bright future. In particular, the space will incorporate a hub-and-spoke layout to echo Detroit’s long association with circular configurations – from its original wheel-inspired city grid, to the vinyl records of its iconic music scene and the rolling tires of the millions of cars that dubbed it the Motor City.
“The resources, investment and support that companies like UBS are contributing to our community are creating opportunities for all Detroiters,” said Jim Ketai, CEO, Bedrock. “We look forward to welcoming UBS to the Central Business District and for them to become part of Detroit’s unique and dynamic culture.”
“As a born-and-raised son of Detroit who’s witnessed my hometown’s triumphs and tough times, I’m extremely excited to be part of a firm dedicated to helping the city reach new commercial and cultural heights,” said John Bush, Michigan Market Head for UBS Wealth Management Americas. “My team and I look forward to deepening our roots in the community and to serving the growing needs of clients in this important market.”
About UBS Wealth Management Americas
Wealth Management Americas is one of the leading wealth managers in the Americas in terms of financial advisor productivity and invested assets. Its business includes UBS’s domestic US and Canadian wealth management businesses, as well as international business booked in the US. It provides a fully integrated set of wealth management solutions designed to address the needs of ultra-high net worth and high net worth clients.
UBS provides financial advice and solutions to wealthy, institutional and corporate clients worldwide, as well as private clients in Switzerland. The operational structure of the Group is comprised of our Corporate Center and five business divisions: Wealth Management, Wealth Management Americas, Personal & Corporate Banking, Asset Management and the Investment Bank. UBS’s strategy builds on the strengths of all of its businesses and focuses its efforts on areas in which it excels, while seeking to capitalize on the compelling growth prospects in the businesses and regions in which it operates, in order to generate attractive and sustainable returns for its shareholders. All of its businesses are capital-efficient and benefit from a strong competitive position in their targeted markets.
UBS is present in all major financial centers worldwide. It has offices in 54 countries, with about 34% of its employees working in the Americas, 35% in Switzerland, 18% in the rest of Europe, the Middle East and Africa and 13% in Asia Pacific. UBS Group AG employs approximately 60,000 people around the world. Its shares are listed on the SIX Swiss Exchange and the New York Stock Exchange (NYSE).
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