Magna International Inc. will relocate about 300 employees into 117,300 square feet of office space in a new Troy, Mich., headquarters by September.
The Troy-based automotive supplier plans to move from approximately 79,400 square feet at 600 Wilshire Drive to the 240,000-square-foot building at 750 Tower Drive in the North Troy Corporate Park.
Tracy Fuerst, director of corporate communications, said the companies Magna supplies were notified of the decision Monday morning.
"Our U.S. headquarters has been in the Troy area for more than 15 years now, which is an ideal location because it centrally locates us near most of our customers," Jim Tobin, chief marketing officer for Magna, said in a statement provided to Crain's. "It was important to us to stay in this area and find a suitable office location that could accommodate an increased staff."
Fuerst said the company had outgrown its existing space.
Magna, founded in 1957, also has operations on Crooks Road and Maple Road in Troy, Fuerst said.
"Once we relocate and consolidate a few operations in the area, we will have approximately 400 employees" at 750 Tower Drive, Fuerst said.
Magna's lease at 600 Wilshire expires this summer, according to Fuerst.
In January, Magna announced plans to expand its Magna Seating of North America plant in Highland Park, Mich. The $2.2 million investment was expected to create 244 jobs.