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One of America's leading banking institutions is looking to make cost-cutting measures by selling commercial office space.
Office Space
One of America?s leading banking institutions is looking to make cost-cutting measures by selling commercial office space, which will see them then lease back the office space.
The Bank of America is hoping to save money by selling some of its commercial properties that it owns and leasing back the commercial office space so its employees can continue to work in the commercial buildings.
It is the latest move as banks across the European and American spheres look to save or generate extra funds in order to stay competitive after the 2007-08 banking criss and recession.
So far the Bank of America has only identified three commercial offices which it has said will be sold before the bank lease back the office space in the property.
There is one office property in New York City which is available on the office market, whilst two North Carolina offices are also expected to be offered for sale.
No word has been said yet on whether the North Carolina office space is part of the Bank?s headquarters that is to be sold or whether that will stay untouched.
Kelli Raulerson, a spokesperson for Bank of America said: ?Real estate ownership is not a core business for Bank of America. Therefore we are currently reviewing our administrative portfolio and may make the decision to sell our ownership interest in certain properties.?
The Charlotte-based firm do have real estate connections, especially in California, where there are plenty of branches which are owned by Bank of America.
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