Bank of America selling NYC building stake: report

Reuters News
Posted: Oct 17, 2011 6:54 PM
Bank of America selling NYC building stake: report

(Reuters) - Bank of America Corp is selling its 49 percent stake in 4 World Financial Center in Manhattan to Brookfield Office Properties Inc., Bloomberg News reported Monday, citing a person with knowledge of the situation.

Brookfield, a New York-based real estate company, will pay $225 million to $250 million for the bank's position in the tower, which was the former headquarters of Merrill Lynch & Co, Bloomberg reported. Brookfield already controls the building.

Spokespersons for Bank of America and Brookfield declined to comment.

Bank of America, which agreed to buy Merrill at the height of the financial crisis in 2008, has been reducing its space in the building. The Charlotte, North Carolina, bank has a tower in Midtown Manhattan that officially opened last year.

The sale is the latest move by Bank of America to shed assets as it looks to build capital to meet new international standards and to cover mortgage losses.

(Reporting by Rick Rothacker in Charlotte, North Carolina)