Bank of America Corporate Center, located at 100 N Tryon St. inDowntown Charlotte, is 60 stories tall with 1.2 million square feetof rentable space. The bank owns the building and occupiesapproximately 50% of that structure's space, as well as 6,100retail banking offices throughout the country.

|

The corporation also has a 750,000-square-foot tower underconstruction across from its Corporate Center to be completed inthe second quarter 2010. A spokesperson for Bank of America tellsGlobeSt.com that the company is still in the process of puttingtogether a final plan and currently has no information aboutwhether or not the bank's space at any of its local offices will beaffected. A more detailed plan is expected to be released earlynext year.

|

Even if Bank of America decided to reduce some of its realestate locally, the market can absorb the blows, say localbrokers.

|

Despite rising job loss in the Charlotte market because of theturmoil of locally based financial institutions, vacancy in thecity's CBD is at an all-time low vacancy of 2.1%, according to athird quarter Cushman & Wakefield market report. The impact ofthe troubled financial institutions may not come for some time,writes assistant VP Patrick McCoy in the report, as the uncertaintyand changes in the economy will hold off local decisions onrelocations, expansions and downsizings.

|

"Downtown Charlotte is very healthy going into all of this,"says Steven Garrett, vice president with CB Richard Ellis inCharlotte. "Having said that we're delivering a lot of product in2009. Depending on how much Bank of America gives back, and cutbacks that may take place with Wells Fargo/Wachovia Corp., we couldsee significant vacancies. I've heard people say it could go ashigh as 15%, which will certainly change the negotiating climatefrom where it has been. However, this is a cycle we've seen inCharlotte before, and we've always emerged from it healthier."

|

Back in September Bank of Americaannounced that it would buy Merrill to save the investmentbank, which reportedly has tens of billions of dollars in assetsthat were devalued because of the credit crisis. GlobeSt.com reportedearlier this month that Merrill stockholders approved the company'sacquisition, putting the deal on track to close by the targeteddate of Jan. 1. The buyout would leave Bank of America with morethan 20,000 financial advisors. According to a release, theannounced layoffs will come "from both companies and affect alllines of business and staff units."

Want to continue reading?
Become a Free ALM Digital Reader.

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications
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.