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American Financial Sinks $770-M IPO into Bank of America

JENKINTOWN, PA-The day after raising $804.3 million in its initial public offering, the locally based bank REIT acquires 158 facilities containing approximately 8.1 million sf in a sale/leaseback deal. Among the properties is Chicago's 50-story, 1.03-million-sf Bank of America Center.

By Marita Thomas | Updated on July 01, 2003

JENKINTOWN, PA-American Financial Realty Trust has acquired an 8.1-million-sf corporate real estate portfolio for $769.8 million, or about $95.04 per sf, in a sale/leaseback arrangement with Bank of America, N.A., a subsidiary of Bank of America Corp. The portfolio includes 158 properties in 19 states.

The crown jewel among the portfolio’s office buildings and banking and operations centers is Bank of America Center, a 50-story, 1.03-million-sf, class-A office facility at 231 S. LaSalle St. in Chicago’s financial district, just across from the Chicago Board of Trade.

Bank of America will lease 5.2 million sf of the portfolio for 20 years on a triple-net basis. It will lease an additional 804,000 sf on a short-term basis. Approximately 813,000 sf of the portfolio are leased to third-party tenants.

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