BofA considers Boston tower sale

By PBN Staff

BOSTON – Bank of America Corp. is considering selling its 37-floor office tower in Boston, The Boston Globe reported Friday.

It’s the latest in a string of moves to streamline operations and raise capital, the Globe said.

In Providence, the bank announced Tuesday that it was vacating the 26-story “Superman” building at 111 Westminster St. where it has been located since it bought Fleet in 2004.

The Boston building, at 100 Federal St., served for decades as the headquarters of Bank of Boston, and its successor FleetBoston Financial.

The Globe estimated the tower is worth “hundred of millions of dollars.”

“Regulators have pushed Bank of America and other major banks to build larger cash reserves to help ensure sure they can weather a prolonged economic downturn or future financial turmoil,” the newspaper reported, while noting that Bank of America has historically owned its properties, rather than leasing.