KANSAS CITY, MO-Bank of America has sold its 310,000-sf operations center here to American Financial Realty Trust. The purchase price was $33.7 million, or $108.50 per sf.AFRT is a Jenkintown, PA-based REIT focused on acquiring and leasing properties occupied by financial institutions on long-term, triple-net or bond net leases. As part of the sale, Bank of America committed to leasing 74% of the building for 15 years. In addition, Bank of America will be leasing the rest of the building on a short-term basis. No further details were immediately available Monday afternoon.Last month, AFRT paid Bank of America $535 million for a portfolio of 248 properties with a combined 7.3 million sf. Bank of America leased back 4.5 million sf (62%) of the portfolio for 15 years at an annual triple net rental rate equal to approximately 8.6% of the purchase price for the leased space (excluding certain additional rent payable in the first 12 months of the lease term) and will be entitled to occupy an additional approximately 1.3 million sf, or 18%, of the portfolio for a weighted average term of six months. According to SEC filings, the lease permits Bank of America to reduce its long-term leased premises by up to 200,000 sf after the end of the second lease year upon payment of a termination fee equal to approximately $3 per sf and up to an additional 200,000 sf after the end of the third lease year upon payment of a termination fee equal to approximately $4.50 per sf. Additionally, Bank of America, NA has the right to reduce its long-term leased premises by up to 150,000 sf after three and one-half lease years and eight and one-half lease years without penalty. All such rights are cumulative, such that if Bank of America, N. does not exercise its termination rights in any year, it carries over any such unexercised rights into future years, according to the SEC filings.

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