Newspaper article The Florida Times Union

Bank of America Office Park Sold; Southside Complex Part of American Financial Deal

Newspaper article The Florida Times Union

Bank of America Office Park Sold; Southside Complex Part of American Financial Deal

Article excerpt

Byline: Mark Basch, Times-Union business writer

Neither side can talk about it right now, but documents filed with the Securities and Exchange Commission seem to confirm that Bank of America Corp. sold its Southside office park near The Avenues mall to American Financial Realty Trust.

Bank of America is now leasing its space in the 1.7 million-square-foot office complex from American Financial, a Jenkintown, Pa.-based real estate company that is buying offices from major banks and leasing them back to the banks.

After completing an initial public offering on June 30, American Financial closed on a previously announced deal to buy 158 properties in 19 states from Bank of America for $769.8 million. But the companies did not give specific locations for the properties. Because of an SEC-mandated quiet period following American Financial's IPO, company officials can't discuss the deal.

And since Bank of America was an underwriter for the IPO, bank officials can't talk about it, either.

However, a master lease agreement filed by American Financial this week with the SEC does indicate that there is a "lease supplement" for the "project" at 9000 Southside Blvd. in Jacksonville, which is the address of the office park. The agreement also says there was an environmental site assessment done for the property at that address.

The master lease also indicates there was an environmental assessment for property at 3535 University Blvd. W.

American Financial's IPO registration statement referred to buildings in Jacksonville as part of the Bank of America deal but did not give specific addresses. It listed four small buildings and eight large ones ranging in size from 113,861 square feet to 295,895 square feet.

Duval County property records show that Bank of America owns a number of buildings in Jacksonville, but by far the largest property is the office park at 9000 Southside Blvd. Bank of America does not own the 42-story Bank of America tower in downtown Jacksonville. …

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