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Bank of America Building For Sale

SAN FRANCISCO-Owners Shorenstein Company and Bank of America Corp. could fetch as much as $1 billion for the 52-story landmark and two related buildings that make up Bank of America Center.

By Brian K. Miller | Updated on October 03, 2000

SAN FRANCISCO-The 52-story Bank of America skyscraper and two adjacent downtown buildings that make up Bank of America Center are up for sale in a disposition that could fetch as much as $1 billion.

Bank of America Corp. and Shorenstein Company, which own the properties under the name 555 California Street Partners LP, say they are “exploring a potential recapitalization of their partnership” that would enable them to “explore various capital management options, which could include refinancing their investment, selling the property or seeking various joint venture alternatives.”

“In light of the current strength of San Francisco’s real estate market, it makes good business sense to explore a recapitalization of these properties,” says William Miles, a senior veep with Bank of America who handles the company’s Western corporate real estate portfolio. Banc of America Securities LLC is advising the partnership.

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