The second largest lender in assets, Bank of America Corporation, is having its Boston Tower building sell for $615 million to the real estate giants known as Boston Properties. The property, located at 100 Federal Street in Boston, had a $25 million deposit put down by Boston Properties recently.
What the bank is looking to do is sell much of its real estate around the country apart from its New York City and North Carolina headquarter buildings. Why you might wonder? Essentially this is a strategy to cut back on much of their costs and to then lease out the spaces that they eventually sell. At 37 stories tall comprising of 1.3 million square feet, this building is set to add to Boston Properties already extensive portfolio of real estate within the region. Most notably, Boston Properties is already the chief owner of Boston’s Hancock Tower and the Prudential Center. This is certainly going to be one of the most expensive transactions that Boston has ever seen, and is one that shows Boston Properties’ commitment to the city and their trust in the prolonged future of Boston commercial real estate.
More Information: Bloomberg.com