A new Bloomberg News article reveals that Bank of America is considering the sale of all of its office properties, except for its principle offices in New York and Charlotte, to raise capital and cut costs. Kelli Raulerson, a spokeswoman for Bank of America Corp., said that they "are currently reviewing all of our properties across our portfolio." Bloomberg notes that Bank of America owned or leased about 120 million square feet in 26,910 locations at the end of 2010, mostly in the U.S., according to its last annual report.
According to a San Francisco Business Times article, Bank of America CEO Brian Moynihan has been selling off non-core assets in something of an industry yard sale and raised $5 billion in a pricey deal last summer with Warren Buffett's Berkshire Hathaway. The press also reports that Bank of America has already planned leasebacks at three sites: the Fifth Third Center and the Hearst Tower in Charlotte and at 222 Broadway in Manhattan, Reuters reported. The company is also reviewing whether to sell its building at 100 Federal St. in Boston, the Boston Globe reported.
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