Bank Of America Takes Up More Office Space At Fifth Third Center

Cousins Properties has announced that Bank of America has renewed a lease of 294,000 square feet of space while also inking an agreement to get additional space on Fifth Third Center of approximately 24,000 square feet. Fifth Third Center is owned by Cousins Properties. With Bank of America now leasing a total of 318,000 square feet, the lender now occupies close to 50% of the space on the building. Bank of America has also extended the maturity of the lease to 2025 from 2022.

In Charlotte, Bank of America is one of the largest occupiers of office space with ownership as well as leases in many uptown properties. And despite the lender consolidating its scattered office spaces into fewer buildings its presence in a couple of uptown properties is significant.

Anchor tenant

In 2017 Bank of America renewed its lease on 525 North Tryon for space measuring 194,000 square feet. Bank of America will also be the anchor tenant at Legacy Union after it takes up space measuring approximately 550,000 square feet. The total square feet of the 33-story tower which was once the site of Charlotte Observer is 550,000.

Fifth Third Center was acquired by Cousins Properties four years ago at a price of $215 million. Some of the major tenants at the center include McGuireWoods and Winstead, Dimensional Fund Advisors and Fifth Third Bank.

In the transaction Bank of America was represented by JLL while Cousins Properties was represented by Foundry Commercial. According to the chief executive officer and chairman of Cousins Properties, Larry Gellerstedt, it was an honor to have Bank of America as a tenant.

“We’re particularly delighted for Fifth Third Center to receive this type of endorsement from one of the most respected names in the financial business,” Gellerstedt said.

Indianapolis retail outlet

This comes in the wake of Bank of America opening its first retail banking outlet in Indianapolis. The lender has also announced that later in the month it will launch smaller branches equipped with advanced technology allowing customers to engage with bankers via video conferencing. In Indianapolis, Bank of America serves approximately 128,000 clients most of whom require is wealth management and commercial banking services.

Despite closing down branches in the last couple of years, the lender has embarked on an initiative to open new locations, estimated to be 60, in markets that are affluent and growing. The playbook Bank of America is employing in Indianapolis has also served the bank well in Minneapolis, Denver and other cities.

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