UBS Financial Services Inc. has opened a new 11,000-square-foot branch office on the third floor of 1201/1217 Woodward Ave. in the historic downtown Woodward shopping district, its first venture in the city of Detroit.
The office spans two historic buildings located on the west side of Woodward Avenue, just north of State Street. It opened with 10 financial advisors overseeing $2.6 billion in assets.
The corner building, 1201 Woodward, was built in 1917 and housed the former S.S. Kresge Store #1. The neighboring building, 1217 Woodward, is the R.H. Travers Co. building, which was built in 1889. The two buildings were combined under single ownership in 1917.
The design of the space pays homage to the building’s history as a retail hub, including an industrial theme with natural wood with metal accents, and original exposed pillars. The office has six meeting rooms; three on the office side and three on the community side; a flexible breakout area, and a coffee bar. Clients and employees are greeted with a large black-and-white map of Detroit behind the reception desk, complete with the UBS three keys logo, signifying its presence in the area.
The building was designed by Detroit-based architecture firm Smith, Hinchman, and Grylls, which also designed the Guardian and Penobscot buildings.
“The Detroit branch of UBS Financial Services Inc. is the first wealth management firm to move downtown Detroit since 2010,” says John Bush, Michigan market head for UBS. “This expansion reinforces our commitment to downtown Detroit and the local community and uniquely, 50 percent of our space will be made available for local, UBS-approved, non-profit organizations to host board meetings and other activities.”
To further support the local community, Detroit will be a pilot market in UBS and EVERFI’s new Keys to Your Future program. A personalized, digital curriculum that is the first of its kind, Keys to Your Future will equip high school students across the city with critical college and career readiness skills.
“UBS joins many other financial businesses that call Woodward Avenue home,” says Dan Gilbert, founder and chairman of Bedrock, which owns the building. “From Ally’s headquarters, Fifth Third Bank’s regional headquarters, the new headquarters being built by Chemical Bank to Quicken Loans, StockX, Rocket Loans, and more, Detroit is fast becoming a magnet for financial and fintech businesses looking to open or expand in an exciting environment that is also attracting talent from around the country and world. With their new office in the heart of activity in the historic Woodward shopping district, UBS will play a significant role in the future of Detroit.”