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]