BofA grabs bigger piece of tower

Posted on May 28, 2010 by - Charlotte, In the News, Office

May 28th, 2010
The Charlotte Business Journal

Bank of America Corp. has taken its new, 32-story uptown office tower off the market and plans to fill all but 5% of the space with its own employees…The bank had been marketing up to 267,000 square feet for lease through real estate firm Lincoln Harris. And it has leased about 30,000 square feet to tenants that include private-equity firm Pamlico Capital….

At the end of the first quarter, the vacancy rate in Charlotte’s uptown office market stood at 12%, up from 3.2% a year earlier and 8.8% at the end of 2009, according to Karnes Research Co. Andrew Jenkins, a managing partner at Karnes, had forecast uptown’s vacancy rate to exceed 13% with the delivery of 1 Bank of America. Barring any significant new vacancies uptown, the bank’s decision will keep the vacancy rate around 12%, he says.

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