BB&T, SunTrust Choose Hearst Tower in Charlotte for Headquarters -- Update

Date : 06/12/2019 @ 6:43PM
Source : Dow Jones News
Stock : Suntrust Banks, Inc. (STI)
Quote : 63.99  0.0 (0.00%) @ 9:00AM

BB&T, SunTrust Choose Hearst Tower in Charlotte for Headquarters -- Update

BB & T (NYSE:BBT)
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By Colin Kellaher

 

BB&T Corp. (BBT) and SunTrust Banks Inc. (STI) on Wednesday said they have chosen the 46-story Hearst Tower in downtown Charlotte, N.C., as a headquarters for the combined company.

The banks said they will move people to the building at 214 N. Tryon Street over the next several years, eventually occupying more than 550,000 square feet of the 970,000-square-foot tower, which is owned by Cousins Properties Inc. (CUZ).

BB&T, based in Winston-Salem, N.C., in February agreed to buy Atlanta-based SunTrust for $28.2 billion in a deal that will combine two regional lending powerhouses to create the sixth-largest U.S. retail bank. As part of the deal, the combined company is relocating its headquarters to Charlotte, which is already home to Bank of America Corp. (BAC) and a large Wells Fargo & Co. (WFC) hub.

Cousins said the 15-year lease includes an option, exercisable through the end of the year, for BB&T and SunTrust to buy the property for $455.5 million.

The Atlanta-based real-estate investment trust said Bank of America and other Hearst Tower tenants will leave to accommodate the phased move-in, beginning in August 2019 and finishing in June 2021.

The BB&T/Suntrust transaction is expected to close later this year, and the combined company will operate under a new name, which hasn't yet been announced.

 

Write to Colin Kellaher at colin.kellaher@wsj.com

 

(END) Dow Jones Newswires

June 12, 2019 13:28 ET (17:28 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.

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