Summary:
Bank of America, the largest tenant at Fifth Third Center in Charlotte, plans to vacate all 13 floors it leases before its lease expires in July 2025, indicating a trend of financial companies scaling back on real estate in Charlotte. The bank cited a preference for owning office space rather than leasing as a reason for the move. Cousins Properties, the landlord, intends to renovate the space to attract new tenants amidst a broader trend of consolidating office space among Charlotte’s major employers. This move by Bank of America aligns with its broader strategy of refining its real estate portfolio, including closing underperforming branches and expanding into new markets.