Mary Kay Bean, vice president and director of media relations for the Chicago-based bank, says the company needed to unload the tower.
"We made some consolidations, and realized that we didn't need that much space that the building offers," Bean says. "We like the Troy area, but the building was just too large."
Most of the employees at the tower now will go to work for Bank One satellite offices around Troy, and at the headquarters in Detroit on Woodward Avenue.
Bean says she could not speculate on the selling price. She says the company has signed a purchase agreement with Kojaian, one of the top office developers and owners in southeast Michigan. The final offer has not been signed, however, but Bean said she expects it to be complete at the end of the month.
Real estate sources have speculated the building, with its proximity to the freeway and location in the popular Troy office market, is worth about $24 million.
"We knew this would be the best time to unload the building, especially since Troy is such a hot market," Bean says.
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