Bank of America has paid $35 million to buy an office building it leased in Ballantyne Corporate Park, the last piece in the massive sale of the office park.
The deal closed last week, real estate records show. The bank leases the majority of the five-story Sherrill Building, located at Ballantyne Corporate Place and Johnston Road. When the Bissell Cos. sold Ballantyne Corporate Park to Northwood Investors earlier this year for $1.2 billion – the largest real estate deal in Charlotte’s history – Bank of America had the option to buy the building, which it exercised.
“We have a long-term commitment and occupy the majority of the Sherrill Building, so in this case we had the opportunity to make a strategic investment and purchased the building,” said bank spokesperson Jennifer Darwin. “We have been working hard over the last several years to optimize our real estate holdings in all of our markets and position us for future success and growth. This decision is in line with that long-term strategy.”
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Bank of America has been realigning its real estate holdings in recent years. In 2014, the bank vacated another building in Ballantyne and moved some of those workers to the Sherrill Building and some uptown.
Next to Bank of America Stadium, the bank is also anchor tenant at a new, 33-story skyscraper under construction at the former Charlotte Observer site. The bank has leased more than 500,000 square feet of that building.