Boston Properties to Buy Bank of America’s Boston Tower for $615 Million
Boston Properties Inc. (BXP) agreed to buy Bank of America Corp.’s skyscraper at 100 Federal St. in Boston for $615 million, which would add to a portfolio that already includes the city’s Hancock Tower and Prudential Center.
The company made a $25 million deposit as part of a contract that it completed on Feb. 16, it said in an annual report filed today with the U.S. Securities and Exchange Commission. The deal is subject to “customary closing conditions,” Boston Properties said.
Bank of America, the second largest U.S. lender by assets, is weighing the sale of all its corporate-owned offices except for its North Carolina and New York City headquarters buildings, as a cost-cutting move. The company said it will lease back space in properties it sells.
The Boston tower, which bulges out from its base, is 37 stories tall and has 1.3 million square feet (121,000 square meters) of rentable office space, according to the Boston Properties filing.
Arista Joyner, a Boston Properties spokeswoman, declined to comment beyond the filing. Scott Silvestri, a Bank of America spokesman, didn’t immediately return a telephone call seeking comment.
To contact the reporter on this story: David M. Levitt in New York at firstname.lastname@example.org
To contact the editor responsible for this story: Daniel Taub at email@example.com
Bloomberg moderates all comments. Comments that are abusive or off-topic will not be posted to the site. Excessively long comments may be moderated as well. Bloomberg cannot facilitate requests to remove comments or explain individual moderation decisions.