By Al Barbarino
Beacon Capital Partners and L&L Holding Company have purchased a 27-story, 756,000 s/f office building at 222 Broadway for $230 million from Bank of America Corporation, city records show.
Bank of America, which inherited the property when it bought Merrill Lynch in 2009, announced in February that it planned to sell and lease back 222 Broadway along with two buildings at its Charlotte, North Carolina, headquarters as part of a newly-implemented efficiency program.
Earlier this year BOA sold 100 Federal Street in Boston to Boston Properties for $615 million, leasing back nearly 800,000 s/f.
It wasn’t immediately clear how much space the bank intends to lease back at 222 Broadway.
The acquisition completes a string of purchases made over the past year by Beacon Capital, a Boston-based real estate investment firm.
The company owns a majority share at 195 Broadway, the former headquarters of AT&T, which is located across the street.
Beacon Capital purchased between 70 and 80 percent of 195 Broadway last Spring from L&L Holding and its capital partner, GE Pension Trust; a Beacon affiliate also signed a 99-year lease in June with Trinity Real Estate to build an office building 330 Hudson Street, where it’s planning for a 350,000 s/f officebuilding with 20,000 square feet there, Crain’s reported.
Jones Lang LaSalle represented Bank of America in the transaction. A company spokesperson was unavailable for comment.
Beacon Capital Partners did not return calls seeking comment by press time.