X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

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.

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

Once you are an ALM digital member, you’ll receive:

  • 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
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.