Bank of America Offices Up For Sale; Charlotte Multifamily on the Rise

By Amalia Otet, Associate Editor

Charlotte-based Bank of America recently announced plans to sell its interest in Hearst Tower and Fifth Third Center, two of the largest office towers in the Queen City, and a third building in New York, 222 S. Broadway, as part of a streamlining and capital-raising initiative.

The 47-story Hearst Tower was completed in 2002 and totals 970,000 rentable square feet. The 30-story Fifth Third Center features 666,000 square feet and houses a regional headquarters for Fifth Third Bank. Both buildings are located in uptown Charlotte on opposite sides of Tryon Street between Fifth and Sixth streets.

CBRE Group Inc. was selected to handle the marketing of the two properties on behalf of the multinational bank, according to the Charlotte Business Journal. Once the sale is completed, Bank of America will continue to lease space in the aforementioned properties.

Another landmark building recently set up for sale is the 42-story One Wells Fargo Center, also marketed by CBRE Group Inc. The iconic structure, formerly known as One Wachovia Center, contains about 1 million square feet of premium office space and is located at 301 South College Street.

In other multi-housing news, WSOCTV.com reports that apartment construction is on the rise across the Charlotte metro area, with more than 1,000 apartment units currently underway and thousands more in the works. Texas-based JLB Properties will play an important part in the revitalization of the historic Elizabeth neighborhood. The developer plans to tear down an entire row of dilapidated homes between 7th Street and Weddington Avenue and instead build a large complex of upscale apartments and parking decks.

Additionally, low-income housing may also be coming to Elizabeth. McCreesh Place and St. Peter’s Homes Inc. announced plans to transform a vacant 50,000-square-foot building near the intersection of 5th Street and Hawthorne Lane into an 80-unit affordable housing community, according to the Charlotte Observer.

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