BB&T, SunTrust Choose Hearst Tower in Charlotte for Headquarters -- Update
June 12 2019 - 1:43PM
Dow Jones News
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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