Details of the new long-term lease were not disclosed, though the current asking rent at the 18-year-old skyscraper is listed at $19 per square foot. Bank of America Plaza, the tallest office structure in the Southeast, has nearly 1.3 million square feet at the corner of North Avenue and Peachtree Street, and is at least 80% occupied.
It is unclear how much space Bank of America will now occupy in the building, including regional offices and a full-service branch. Published reports stated that the bank had been seeking 150,000 to 300,000 square feet locally last year in the Midtown and Buckhead submarkets.
"This is more than a building," Bank of America state president Geri Thomas stated in a release. "It is an historic icon representing the bank's leadership in providing world-class facilities for our associates, customers and clients."
Los Angeles-based BentleyForbes owns Bank of America Plaza, acquiring the asset in 2006 for $436 million or nearly $350 per square foot. "We are committed to maintaining Bank of America Plaza as Atlanta's premier class A office address," said C. Frederick Wehba II, BentleyForbes chief executive.
John Shlesinger and John Dolan of CB Richard Ellis negotiated the new lease on behalf of Bank of America. Lisa Dunavin of Cushman & represented BentleyForbes.
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