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BofA Center Expected to Change Hands This Month

SAN FRANCISCO-According to investment analysts, if the BofA Center sells for $1 billion, Shorenstein could take a $500 million cut, giving the real estate investment firm a 33% return on its original $660 million investment.

By Marsha Trent | Updated on March 09, 2001

SAN FRANCISCO-After less than a year on the market, the 1.8-million-sf Bank of America Center will likely be sold this month with experts saying it could bring between $800 million and $1 billion.

Sources close to the deal say Mortimer Zuckerman’s Boston Properties Inc. recently dropped out of the bidding, but the privately held Shorenstein Co., which owns 50% of the center, remains confident of the sale and the price.

According to investment analysts, if the BofA Center sells for $1 billion, Shorenstein could take a $500 million cut, giving the real estate investment firm a 33% return on its original $660 million investment. The other 50% interest in the property belongs to Charlotte’s NationsBank, which acquired Bank of America in 1998.

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