Bank of America - Commercial Real Estate Case Study - Cushman & Wakefield

Three Landmark Transactions


Click to enlarge

The Challenge

Bank of America (BofA) is one of the world's largest financial institutions, serving clients through operations in more than 40 countries. In evaluating its real estate needs in light of a 2010 downsizing and expense management effort, BofA undertook an initiative to sell non-core business units and assets that did not support its strategy, thereby strengthening the balance sheet. “Real estate ownership was not a core business for Bank of America," according to a bank spokesperson and it looked to Cushman & Wakefield to assist them in selling a number of properties and repositioning the occupancy in its leased portfolio.


The Solution

In 2012, Cushman & Wakefield teams from Corporate Occupier Services, Investment Banking, Commercial Leasing, and Capital Markets collaborated in the completion of three noteworthy transactions on behalf of BofA in the Northeast – each of which represented a top transaction in its respective market.


The Result

Cushman & Wakefield and Merrill Lynch orchestrated the sale-leaseback of a 1.8-million-square-foot, 540-acre corporate campus in Hopewell, NJ. The transaction incorporated a unique fee ownership structure, involving four investors in a joint venture partnership. The transaction represents New Jersey’s largest-ever, single-asset suburban office transaction for 2012 – in terms of both size and dollar value.