BofA Hands $250M Tower To REIT In TPG-Backed Deal

Law360, New York (May 4, 2012, 3:49 PM EDT) -- Bank of America NA is selling the Charlotte, N.C., tower that houses its three-story trading floor for $250 million in a three-way deal financed by a $200 million equity infusion from TPG Capital Management, buyer Parkway Properties Inc. said Thursday.

The deal is another portfolio-trimming move for BofA, and marks TPG's first major real estate investment. Parkway, a Florida-based real estate investment trust, is picking up a trophy asset in its geographic comfort zone, but will sell 43 percent of itself to TPG in the process....
To view the full article, register now.