BofA seeks record price for NJ office complex

May 24, 2012 01:30PM

In its ongoing effort to curb costs by selling real estate, Bank of America is now marketing a 12-building, 1.7 million-square-foot office campus in New Jersey that could break the record for the state’s biggest office sale. Businessweek reported that the property, which is located in Hopewell Township near the Pennsylvania border, could get $400 million from the sale.

A $400 million deal would crush the previous record set in October when Jersey City’s Newport tower traded for $377.5 million. Bank of America would lease back the Hopewell Township campus.

As previously reported, Bank of America is shedding its office properties. CEO Brian Moynihan said in February that Bank of America may sell every one of its offices besides the headquarters in Charlotte, N.C. and its stake at 1 Bryant Park. Last month, Bank of America unloaded a Lower Manhattan office building for $230 million.

The sale is also part of another ongoing trend that has seen banks downsizing in the New York area. [Businessweek]