The Real Deal New York

BofA office deal could set New Jersey record

October 04, 2012 11:00AM

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Bank of America is finally unloading a 12-building office complex in Hopewell Township, N.J. in what could be a record deal for the state, Bloomberg News reported.

BofA acquired the 1.8 million- square-foot property from Merrill Lynch during its 2009 merger. And while neither the buyer nor the price have been officially announced, Fortress Investment Group has been named as a possible buyer and a potential price of $375 million to $400 million is being floated by the trade newsletter, Real Estate Alert, which was cited by Bloomberg.

With those numbers, the deal could be the largest office sale on record in New Jersey. The current record was set by the Newport Tower in Jersey City, which traded for $377.5 million last year. BofA, the U.S.’s second-largest lender, announced in February that it intends to liquidate all of its real estate assets, except for its Charlotte, N.C. headquarters and its New York base at One Bryant Park.

“Corporate real estate ownership is not really a core business for Bank of America,” Jennifer Darwin, a BofA spokesperson, said. “This deal is in line with our intent to create efficiency and manage our space more effectively.” [Bloomberg] – Christopher Cameron

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