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Bank REIT Pays $338M in 14-Building Leaseback Deal

PHILADELPHIA-In its fourth transaction in as many months, Jenkintown, PA-based American Financial Realty Trust acquired an aggregate 3.7 million sf for an average of $91.35 per sf. Bank of America leased the 14 properties in seven states through June 2022.

By Marita Thomas | Updated on January 15, 2003

PHILADELPHIA-Jenkintown, PA-based American Financial Realty Trust acquired 14 office buildings in seven states for approximately $338 million, or an average of $91.35 per sf. The properties, totaling 3.7 million sf, are bond-net leased to Charlotte, NC-based Bank of America through June 2022.

Among the properties are: 730 South 15th Street, NW in Washington, D.C., and 100 South Charles Street, an 18-story, class-A office building along Baltimore’s inner harbor. The Baltimore building is known as both the Bank of America Building and NationsBank Center.

The 14-property portfolio was purchased from a subsidiary of Toledo, OH-based Dana Commercial Credit Corp. There was a simultaneous closing with a subsidiary of Berkeley Heights, NJ-based Connell Co., which held a residual interest in the properties.

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