Bank Of America's Corporate Offices Moving To CityPlace In Hartford
By Kenneth R. Gosselin
April 13, 2010
Bank of America is changing its corporate address in downtown Hartford.
The bank will move within a year from its iconic skyscraper at 777 Main St. to CityPlace I on Asylum Street, a bank spokesman said Monday.
The bank will downsize from its current 210,000 square feet to 60,000 square feet in the new location, but there will be no job cuts, the spokesman said.
"Our goal is to find the most cost-effective real estate solution to keep the most employees downtown," said bank spokesman T.J. Crawford.
Crawford declined to say how many Bank of America employees work in downtown Hartford, citing a bank policy against disclosing employee counts at specific locations.
It also is unclear whether the branch in the lobby of the Main Street tower will remain open, close or relocate. Crawford would only say "the details are in the process" of being worked out.
Michael Grunberg, whose family-owned real estate company, Grunberg Realty, owns the 777 Main St. tower, said he had tried to negotiate a lease renewal with the bank. The lease expires in March 2011.
"Am I sad to see them go? Of course I am," Grunberg said. "I think we could have made the building work for them."
Bank of America hasn't owned the building since it sold it in 2004 and leased back space. Grunberg purchased it in 2006.
Grunberg said a major sticking point in negotiations was the length of the lease. The bank wanted a short, three-year term. Grunberg said he was looking for closer to 15 years, and would have thrown in much-needed renovations.
Bank of America now occupies roughly half of the 26-story, 400,000-square-foot building. The remainder is largely vacant. The tower, completed in 1967, once was entirely occupied by predecessor banks.
Reprinted with permission of the Hartford Courant.
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