DETROIT -

Along with making a move connected with their preferred stock, Ally Financial officials opened their new office space located at 500 Woodward Ave. in downtown Detroit this week.

The building, named Ally Detroit Center, will be occupied by more than 1,500 Ally employees and third party contractors on 13 floors. The company highlighted the new space will unite Ally’s southeast Michigan-based employees in one modern and collaborative work environment that reflects the city of Detroit.

Each floor in Ally Detroit Center was designed in the style of a distinct neighborhood, with furniture, fixtures and art installations that reflect the style of each area of the city.

“Ally Detroit Center is a unique and creative space that was designed to pay homage to our long history in Detroit and inspire the collaboration and innovation that will shape our future as a part of this vibrant city,” Ally chief executive officer Jeffrey Brown said.

“We are excited about the evolution of the city, thanks in large part to the efforts of mayor Mike Duggan and Dan Gilbert. Detroit has become one of America's most vibrant cities with a strong business district, creative and innovative talent base, and a strong connection to culture and community,” Brown continued. “Ally is pleased to be a part of this city and its revitalization.”

Brown, Duggan, along with Bedrock Detroit CEO Jim Ketai and Detroit Water Ice Factory founder and author Mitch Albom joined together to officially cut the ribbon on Ally Detroit Center and welcome Ally to its new Detroit headquarters.

During the event, the names and corresponding neighborhoods of each of the 13 floors were unveiled, including:

—Foxtown
—Rivertown
—Greektown
—Lafayette Park
—Corktown
—Downtown
—Cultural Center
—Mexicantown
—Indian Village
—New Center
—Belle Isle
—Eastern Market
—Woodbridge.

The design concept was developed by Detroit-based design firm SmithGroup JJR.

New philanthropic endeavor

To further celebrate Ally’s commitment to Detroit, the company also announced a community promotion with local business Detroit Water Ice Factory called “The 313 Pledge.”

Through the pledge, Ally will donate $3.13 for every Detroit Water Ice sold through April 30. Proceeds will go to S.A.Y. Detroit, a nonprofit organization that aims to improve the lives of Detroit’s neediest citizens by providing shelter, food, medical care, volunteer efforts and education.

“We are pleased to welcome Ally and its employees to the Downtown district and excited to launch The 313 Pledge together to invite the community to join our efforts to give back to the city we all call home,” said Albom, who not only founded Detroit Water Ice Factory but also is the celebrated author of Tuesdays with Morrie.

More details about Ally Detroit Center

Built in 1993, Ally Detroit Center is known as Detroit and Michigan’s tallest office building. The skyscraper, designed by noted architects John Burgee and Philip Johnson, is a recognizable fixture in the Detroit skyline with its Flemish-inspired neo-gothic spires.

Approximately 350 Ally employees are moving into Ally Detroit Center this month. Ally expects the majority of the 1,500 team members (employees and contract professionals) to be moved in by November.

The company explained Ally’s office space is designed around a contemporary workplace ideology, promoting collaboration, adaptive mobility and informal social interaction. Approximately 18 percent of usable work area on each floor is dedicated to informal collaboration space, including a “playground” space where each of the distinct Detroit neighborhoods comes to life in murals and furnishings.

Ally added adjustable Herman Miller workstations are used throughout the office, enabling employees to sit or stand throughout the day and contributing to a healthier workplace.

Ally's redemption of all remaining Series A preferred stock

In other company news released this week, Ally also announced that it is calling for redemption the remaining 27,870,560 shares of its fixed rate/floating rate perpetual preferred stock, Series A. The shares will be redeemed at a price of $2 per share. The redemption date will be May 16.

The company recapped the final quarterly dividend payment of approximately $14.8 million, or $0.53 per share, was declared on the Series A preferred stock, and is payable to shareholders of record as of May 1. Ally indicated this dividend was declared by the board of directors on Monday and is payable on May 16.

Ally stated holders of the Series A preferred stock to be redeemed as of the record date will be entitled to receive the dividend stated above immediately prior to redemption of such shares on May 16.

“The redemption of the Series A preferred stock marks another step in Ally’s journey to drive greater efficiency in its capital structure and represents the elimination of the company's remaining legacy preferred stock,” Ally chief financial officer Christopher Halmy said.

“This redemption is a key step in our financial plans for 2016 and allows us to eliminate high cost preferred dividends as we continue to build shareholder value,” Halmy added.

Ally previously repurchased approximately $325 million of its Series A preferred stock in May of last year.