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HOUSTON-Bank of America Corp. has extended 252,900 sf until 2019 after working out a deal to give back three floors of class A office space in exchange for a 10-year extension. The financial institution has been part of the roster for two decades.

Though BofA has been a long-term tenant at the property, “we did consider other options,” David Anderson, vice president of Trammell Crow Co. tells GlobeSt.com. “There were upfront and immediate concessions that were made. The major one was that we immediately give back about 100,000 sf of space.” The existing pact was set to expire in 2009.

Anderson says in exchange for giving back the space in Bank of America Center at 700 Louisiana St., there would be some retrofitting of the remaining space on the part of the local building owner, Hines. “We’re having to become more efficient on some of our floors and to move some of the people around,” he says. The floors that the Charlotte, NC-headquartered BofA will be keeping are three through eight, 13 and 14. It’s returning floors 10 through 12 as well as some tunnel-level space, according to Anderson.

Ronnie Martin, Hines’ director of leasing, says the negotiation took about six months. With the deal now signed, the 56-story, 1.5-million-sf Bank of America Center is 82% leased. The building’s quoted rent is $20 per sf to $24 per sf gross.

In addition to Anderson, the tenant’s TCC team included Anthony Fritsche, Brandi McDonald and Joe Cicardo. Martin teamed with Rush Durkin to structure the deal for Hines.

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