NEW YORK CITY-Bank of America is considering to sell all of its US office space as a means to cut costs and reduce overhead, media reports show. According to Bloomberg, the bank is reviewing to dispose all of its American properties, excluding One Bryant Park in Manhattan and Bank of America Corporate Center in Charlotte, NC.
The company owned or leased 120 million square feet in 26,910 locations at the end of 2010, the report read. Retuers said the bank is planning leasebacks at three sites already: the Fifth Third Center and Hearst Tower in Charlotte and at 222 Broadway in Lower Manhattan. In addition, the Boston Globe reported the bank is also reviewing to sell its landmark skyscraper at 100 Federal St. in the city's Financial District.
The move has been prompted by the company's decision to cut $8 billion in annual expenses. It also plans to eliminate more than 30,000 positions.
To read the full Bloomberg story, click here.
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