Wednesday, June 6, 2012

Bank of America's sale of Hearst Tower closes

Bank of America's $250 million sale of the uptown Hearst Tower to an Orlando-based real estate investment firm has closed, the firm said Tuesday.

Parkway Properties Inc. announced it was buying the 972,000-square-foot office building in early May. The Charlotte bank is leasing back about one-third of the building through 2022.

Parkway expects to make $17.5 million net operating cash from the Hearst building in its first year owning it.

Another real estate firm bought Bank of America's Fifth Third Center last month. One Wells Fargo is also under contract.