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CHARLOTTE, NC-With an eye toward moving 1,200 associates to new space, Bank of America plans to invest $450 million to develop a 750,000-sf office tower across the street from its corporate headquarters. The 32-floor asset will rise at the corner of College and Fifth streets.

Bank of America is looking toward a 2010 completion date and will share the space with other office tenants. The locally headquartered financial institution will occupy more than 25% of the property, according to Terry H. Francisco, senior vice president, national media relations; however, he tells GlobeSt.com that there is no firm figure yet. He adds that the new asset will not replace Bank of America’s corporate headquarters, just add to its stable of office towers in the city.

Chairman and CEO Kenneth Lewis revealed the plans for the new tower at a noon press conference Thursday. The environmentally responsible office tower will feature an enclosed glass atrium and winter garden, an enhanced glass pedestrian walkway across College Street to Founders Hall and a 700-space parking area, according to Bank of America.

“Bank of America is pleased to again demonstrate its commitment to the growth and prosperity of the Charlotte community,” Lewis said in a statement. “We are proud to have played such a vital role in the city’s development.”

The new construction will also lead to a redesigned Ritz-Carlton adjacent to the office tower. The Ritz-Carlton at the Bank of America Corporate Center, announced last year, will still include 150 rooms but they will be spaced over 17 floors, the company says. It is slated for completion in 2009.

The 750,000-sf tower will join several other office properties under construction in Charlotte. According to Colliers Pinkard, Lincoln Harris is developing the 276,870-sf Piedmont Town Center II; Childress Klein is developing the 750,000-sf Four Wachovia; Bissell is developing the 154,531-sf Betsill Building; and Beacon Partners is developing the 130,000-sf Three Harris Corners.

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