Bank of America has previously said it planned to enter into along-term lease in the building following the sale. Jones LangLaSalle managing director Bruce Miller, managing director JimPostweiler, EVP Bruce Westwood-Booth and VP Peter Harwoodrepresented Bank of America in the sale. Officials with JLLdeclined to comment on the deal. AmTrust officials could not bereached for comment.

In April, Miller talked with GlobeSt.com about the bank's plansfor an SLB. He said SLBs are becoming a national trend and that nowis a good time to perform that type of transaction. "There areplenty of active buyers circling around properties with long-term,stable tenants with strong credit ratings ... this is the righttime to leverage the lack of competitive product in the market," hetold GlobeSt.com in April. "Corporations are wisely converting realestate to cash to increase their capital ratios," he said.

The building suffered a multi-story fire in December 2004, andunderwent a multimillion restoration, including a complete façaderestoration, a new building automation and air distribution system.Renovations also included the installation of a building-wide lifesafety system that allows early detection of smoke, fire, naturalgas and carbon monoxide within the tower.

Continue Reading for Free

Register and gain access to:

  • Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.