Bank of America Plaza kicks off $20 million in lobby renovations

One of the city’s most iconic office towers, Bank of America Plaza, is set to begin a large-scale renovation project that will significantly alter the building’s presence at Charlotte’s most notable intersection, Trade and Tryon Streets. The 40-story, 891,000-SF Class-A office tower is home to Bank of America, Alston & Bird, Shumaker Loop & Kendrick, and SCOR Global Life Americas.

Construction starts this month on $20 million in renovations to Bank of America Plaza’s lobby and exterior façade. The renovation includes expanding and renovating the main building lobby and the creation of four new retail spaces. Renovations should be completed in the first quarter of 2017.

“We’re very proud of the work and creativity that’s gone into this innovative renovation plan for one of our premier assets,” noted Scott Fordham, President and Chief Executive Officer at TIER REIT. “Bank of America Plaza plays an important role in the city’s business community, and these renovations allow us to continue serving our tenants and the city with meaningful amenities to further enhance downtown’s growing retail scene.”

Charlotte’s Redline Design Group has worked closely with TIER REIT to create a thoughtful and engaging plan that honors the existing design to seamlessly integrate the renovations into Charlotte’s vibrant downtown. Richard Boswell, lead designer with Redline noted, “We have created a more pedestrian-friendly area with smaller shop fronts, outdoor seating areas, and a new, extended main building entry to engage the public plaza.”

“Bank of America Plaza has long been one of the city’s iconic buildings,” said Rhea Greene, Partner and Director of Leasing at Trinity Partners and the building’s leasing agent. “This renovation will notably enhance the tenant experience, further cementing Bank of America Plaza as one of Charlotte’s most respected Class-A towers.”

“Charlotte Center City is enjoying a retail revival and this project underscores the desire for more retail space,” said Michael J. Smith, President and CEO of Charlotte Center City Partners. “These renovations will invite shoppers to explore the unique restaurants and retailers who want to locate in the most vibrant downtown in the Southeast.”

Mike Lucier, CBRE’s retail leasing manager for Bank of America Plaza said “Bank of America’s redevelopment provides a unique opportunity to bring Class-A, street-level retail space to the Square and we are already receiving significant interest from restaurants and retailers.”

In addition to Bank of America Plaza’s renovations, the improvements will include a new brand identity and marketing campaign for the building. The building is currently 92% occupied, with the largest available contiguous vacancy of 43,326 SF of space.

PROJECT TEAM DETAILS
Owned by TIER REIT
Managed by TIER REIT
Architect: Redline Design Group: Richard Boswell, Lead Designer
Project Manager: Tracy Haynie, Trinity Partners
General Contractor: Rodgers Builders
Office Leasing: Rhea Greene, Trinity Partners
Retail Leasing: Mike Lucier, CBRE

About TIER REIT, Inc.
TIER REIT, Inc. is a self-managed, Dallas, Texas-based real estate investment trust focused on maximizing total return to stockholders through the combination of stock appreciation and income derived from a sustainable distribution. TIER REIT’s investment strategy is to acquire, develop and operate a portfolio of best-in-class office properties in select U.S. markets that consistently lead the nation in population and office-using employment growth.