Wednesday, February 22, 2012

Bank of America Gives Away 282,000-SF Office Building

"Bank of America, which in the past couple of weeks, has announced plans to sell its ownership in three high-rises in New York and Charlotte, N.C., and others in Boston and Chicago, has come up with another way to downsize its real estate portfolio.

Bank of America is donating one of its four office buildings in Wilmington, DE, to a new non-profit organization supported by the Longwood Foundation.

The donation of the nine-story, 282,000-square-foot facility at 1200 N. French St. expands Bank of America's ongoing commitment to improving educational opportunities in Delaware. The value of the transaction was not disclosed.

The Longwood Foundation will create a new non-profit, the Community Education Building (CEB), to receive the bank's donation and operate the facility. The final transfer is expected by early 2013.

Bank of America employees who work in the Bracebridge IV facility will move to other parts of the Wilmington campus and other locations in the Delaware market."

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