By 1946, the Navy had extracted all the information and technology it needed from the U-505. With no reason to keep the sub, the Navy planned to use her for target practice. The story of the U-505 would have ended there were it not for Retired Admiral Daniel V. Gallery, the Griffin Museum of Science and Industry and the people of Chicago.

A Chicago native, Gallery was looking for a permanent home for the U-505 in his hometown. As luck would have it, the Museum had long been searching for a submarine for its collection. In 1953, Gallery and Museum President Lenox Lohr convinced Under Secretary of the Navy Charles S. Thomas to give the sub to the Museum. The only catch was that the Navy refused to cover the cost of the move. In response, the Museum, the City of Chicago and private groups banded together to raise the $250,000 that would be necessary to repair, move and install the sub for exhibition.