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KeyBank Expands Metro-Detroit Presence

LIVONIA, MI-Initially growing its Detroit presence in 2004 with the acquisition of Southfield-based Sterling Bank & Trust FSB, KeyBank is now further digging its heels into its target region. With the signing of a small but significant lease at the Powerscourt building, Key's new space will accommodate the expansion of the company's commercial real estate capital and private banking teams.

By Dana Dubriwny | Updated on March 19, 2006

(To read more on the net lease market, click here.)

LIVONIA, MI-Adhering to its metro-Detroit expansion plans, KeyBank, an affiliate of Cleveland-based KeyCorp, has signed a 3,300-sf lease at the Powerscourt building. Located at 17199 N. Laurel Park Dr., the office is intended to accommodate the expansion of Key’s commercial real estate capital and private banking teams.The financial services company initially grew its Motor City presence in April 2004 by acquiring the deposits and Michigan offices of Southfield-based Sterling Bank & Trust FSB. The moved added approximately $380 million in deposits and 11 branches to Key’s inventory.

Since then, KeyBank has placed most of its district-based operations within its community bank. Businesses once reporting to Cleveland now exist locally as a single organization. According to company documents, Key’s commercial banking business grew 13% nationally and 23% locally last year, reflecting a positive outcome in the company’s revised strategy.

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