Bank of America announced that it's leaving its namesake building in downtown Little Rock, where the company's central Arkansas operation has been headquartered for more than 20 years.
The company, which is the second-largest tenant at Bank of America Plaza after the Wright Lindsey & Jennings law firm, is not renewing its lease. It's moving to Cypress Plaza at 2200 N. Rodney Parham Road, where employees will work alongside the company's Merrill investment team as part of a consolidation plan.
The move is expected to be completed in October.
Heather Albright, Bank of America’s market president of Arkansas, said in a news release that the move will facilitate employee collaboration and help the company manage its real estate portfolio "effectively and efficiently."
The 24-story skyscraper downtown, which the bank doesn't own, will no longer have Bank of America branding.
Little Rock apartment developer Keith Richardson in June purchased the 290,680-SF tower and an adjoining seven-story parking deck for $8 million. The sale came after Wright Lindsey Jennings sued the building's previous owner, California investor group 200 West Capitol LLC, over repairs and maintenance that had allegedly been neglected.
Richardson is planning repairs and renovations to support its continued use as an office building. That process will include updating mechanical systems, cosmetic work to the building's exterior and common spaces, and re-branding.
That process could take 6-8 months, Richardson told Arkansas Business. He plans to start a campaign to re-lease the building afterward. Wright Lindsey Jennings, which leases the top five floors and the 18th floor totaling 52,255 SF, has said it wants to stay.
Bank of America plaza is the third-tallest building on Little Rock's skyline. It opened in 1969 as the home of Worthen Bank.