Renamed BofA Tower Goes Red, White and Blue for Memorial Day
In a deal that kicked off vertical construction and secured naming rights in 2017, Bank of America signed a lease to occupy a total of 210,000 square feet in six-and-a-half floors of the renamed Bank of America Tower.
HOUSTON—After securing naming rights in 2017 as the anchor tenant, Bank of America has renamed the 35-story class-A office building formerly known as Capitol Tower to Bank of America Tower. Skanska and Bank of America announced the name change and toasted the new moniker with a patriotic motif on Memorial Day.
“Having our teams together in this new contemporary workplace allows for stronger collaboration to deliver the full breadth of our capabilities and better serve our clients,” said Hong Ogle, Houston market president, Bank of America.
In a deal that kicked off vertical construction in 2017, Bank of America signed a lease to occupy 210,000 square feet, spanning six-and-a-half floors of the sustainable office tower. The company will have 205,000 square feet of office space, as well as a 5,000-square-foot financial services center on the ground level at the corner of Capitol and Travis streets.
“For the last two years, Capitol Tower has been an icon rising in Houston’s skyline,” said Matt Damborsky, executive vice president for Skanska USA Commercial Development in Houston. “We are confident that Bank of America Tower will offer tenants an unparalleled experience that blends community, culture and commerce in a way that reflects the future of the workplace and the vibrant cultural fabric of the great city of Houston.”
Robert Ward, president and CEO for Skanska USA Commercial Development, added that the renaming of the development is a first for Skanska.
“Today marks another exciting milestone for Skanska’s growing commercial development business. Over the past 10 years, we have developed, designed and delivered sustainable, innovative and high-quality projects like Bank of America Tower around the country,” said Ward. “Bank of America Tower is a shining example of how Skanska focuses on placemaking and thoughtful sustainable design to create a dynamic and iconic destination.”
Located at 800 Capitol St., Bank of America Tower is situated on a prime block in the CBD, near landmarks that include the Theater District, Market Square and Buffalo Bayou Park. Designed by architectural firm Gensler, the tower offers 754,000 square feet of office space and more than 35,000 square feet of public space at Understory, an open-air community hub that includes a full-service restaurant and a 9,000-square-foot culinary market with seven diverse chef-driven concepts and a cocktail bar.
Tenants at Bank of America Tower will also have access to The Assembly, a 10,000-square-foot conference and private events center that features three meeting venues. The Assembly is connected on the 12th level to the 24,000-square-foot SkyPark, the first and largest green roof in downtown Houston to be open to all building tenants.
“Bank of America Tower is a project that really pushes the envelope when it comes to innovation and quality. Not only is the building thoughtfully designed with a wide range of top-of-the-line sustainable amenities, it also offers flexible design, functionality and efficient floorplates,” Damborsky tells GlobeSt.com. “These are all components that are being prioritized by tenants, especially in a bustling district like downtown Houston. Securing a globally recognized anchor tenant like Bank of America as well as an industry leader in Waste Management really demonstrates this quality and the appeal of mixed-use spaces that can accommodate a diverse tenant mix.”
When Bank of America Tower opens next month, it will be the most sustainable office tower in Texas, using 25% less energy than typical baseline facilities. One of only four core-and-shell projects nationwide to be pre-certified under LEED v4 Platinum, Bank of America Tower’s sustainable features include a 50,000-gallon rainwater collection system for reuse in landscape irrigation and restrooms, secured bicycle storage room with access to lockers and showers, one block proximity to three MetroRail stations, 90% access to daylight, a facade that significantly reduces solar heat gain, an energy recovery wheel to precondition fresh air intake, and district cooling to provide chilled water throughout the facility, which lowers cooling costs and offers unlimited service capacity to tenants.
Current tenants at Bank of America Tower include Skanska (12,481 square feet, floor 12), Bank of America (210,000 square feet, floors 14-20), Winston and Strawn (62,515 square feet, floors 23-24), Waste Management (284,000 square feet, floors 25-33) and Quantum Energy Partners (32,000 square feet, floors 35-36).
Houston’s overall vacancy rate decreased to 20.9% in first quarter 2019, down 20 basis points quarter-over-quarter and down 50 basis points year over year, according to a report by NAI Partners. Net absorption ended the first quarter in positive territory for the third consecutive quarter at 526,000 square feet, a dramatic improvement from this time last year when the first quarter registered at negative 1.2 million square feet. While overall occupancy in the Houston office market remains below 80%, the current rate of 79.1% still marks Houston’s highest quarterly level recorded since fourth quarter 2017. In addition, the overall average asking gross rent has risen by $0.37 per square foot to $29.54 per square foot from last quarter, and is up $1.45 from a year ago—a 5.2% increase, says NAI Partners.