The second largest lender in assets, Bank of America
Corporation, is having its Boston Tower building sell for $615
million to the real estate giants known as Boston Properties. The
property, located at 100 Federal Street in Boston, had a $25
million deposit put down by Boston Properties recently.
What the bank is looking to do is sell much of its real estate
around the country apart from its New York City and North Carolina
headquarter buildings. Why you might wonder? Essentially this is a
strategy to cut back on much of their costs and to then lease out
the spaces that they eventually sell. At 37 stories tall comprising
of 1.3 million square feet, this building is set to add to Boston
Properties already extensive portfolio of real estate within the
region. Most notably, Boston Properties is already the chief owner
of Bostons Hancock Tower and the Prudential Center. This is
certainly going to be one of the most expensive transactions that
Boston has ever seen, and is one that shows Boston Properties
commitment to the city and their trust in the prolonged future of
Boston commercial real estate.
More Information: Bloomberg.com