The Real Deal New York

BofA unloads FiDi building for $230M

April 17, 2012 08:30AM

From left: Beacon Capital Chairman Alan Leventhal, L&L Holding Chairman David Levinson and the exterior of 222 Broadway

Bank of America has struck an accord to sell a Lower Manhattan office building to Beacon Capital Partners and L&L Holding for about $230 million, the Wall Street Journal reported.

The deal, for the 31-story tower, at 222 Broadway and the corner of Vesey Street, was brokered by Jones Lang LaSalle and comes to about $300 a square foot. Beacon and L&L will lease back about 590,000 square feet in the building to the bank, according to Bloomberg News.

Bank of America took ownership if the building when it merged with Merrill Lynch, which acquired the building in 1997. The deal marks the latest in Bank of America’s ongoing effort to exit the landlord business and unload its real estate assets, which has included property in Charlotte and Boston. [WSJ] and [Bloomberg]

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