BofA Says Commercial Real Estate Looks Better After Overheating
BofA Says Commercial Real Estate Looks Better After Overheating
(Bloomberg) -- Bank of America Corp. says the property market is getting more interesting.
“We’re actually, quite frankly, increasing our exposure right now in commercial real estate because we stayed out,” Brian Moynihan, the bank’s chief executive officer, said at a Goldman Sachs Group Inc. conference Tuesday in New York. While the market had been “overheated,” the bank now sees some opportunities, he said.
Moynihan’s view extends to the bank’s own property dealings.
In New York, the lender has taken space in a building across from its One Bryant Park hub “to help the New York franchise feel more like a campus,” he said. In its headquarters city, “we took over a huge chunk of a new building going up to bring all our people who serve the Charlotte, North Carolina, market together.”
The bank has leased offices at two buildings on New York’s Sixth Avenue, as well as space at a project on Charlotte’s South Tryon Street, according to company spokesman Lawrence Grayson.
To contact the reporter on this story: Lananh Nguyen in New York at lnguyen35@bloomberg.net
To contact the editors responsible for this story: Michael J. Moore at mmoore55@bloomberg.net, Daniel Taub, Debarati Roy
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