real estate

B of A reveals downtown plans

IN MOVING OUT BY APRIL 2013 to nearby downtown Providence office space, Bank of America will be leaving the iconic 1928 Industrial National Trust building.
Posted 9/4/12

PROVIDENCE - Bank of America will be moving its downtown office workers to 100 Westminster St. and 1 Financial Plaza as it exits 111 Westminster St., its home in Rhode Island since its predecessor built the iconic, 26-story structure in 1928.

The bank has signed a lease for about 69,000 square feet in 100 Westminster, an increase of approximately 20,000 square feet on its current lease, and about 84,000 square feet in 1 Financial Plaza, which represents an increase in the bank’s footprint of about 21,000 square feet. The combined 153,000 square feet is still a far cry from the 350,000 square feet that the bank has been paying for in 111 Westminster, also known as the “Superman” building, although Bank of America has been using only roughly half that amount, according to bank spokesman T.J. Crawford.

“When we announced that we would be leaving 111 Westminster, we promised to keep our employees downtown,” said Crawford. “We are happy to report that we have kept that promise.”

The company declined to give the number of employees who will be working at the new offices, although Crawford added that “current employees at 111 Westminster will be going to either of the [new offices],” adding that the “decision to make the change was not driven by any current or planned changed in head count.”

In addition, the bank announced that it will be moving its retail branch from 111 Westminster next door to 100 Westminster in March 2013. “There will be no interruption in service,” Crawford said. The old branch will close on Friday and the new one will open on the following Monday, he added.

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