Bank of America & Merrill Lynch – 32nd Acquisition
Total Square Footage: 61,349 square feet
Date Acquired: February 28, 2020
Tenant Names: Bank of America & Merrill Lynch
Royal Oak Realty Trust (“Royal Oak”) is pleased to announce the completion of our latest acquisition. On February 28, 2020, we acquired a fully occupied, two-building portfolio of Class A office properties. The buildings are 91% leased to Bank of America, N.A. (“Bank of America”) and Merrill Lynch, Pierce, Fenner & Smith Incorporated (“Merrill Lynch”). The remaining 9% is leased to Campus Construction Management Group Inc., a local construction services company serving colleges and universities in New York. This portfolio was acquired via an IRS Section 721 UPREIT exchange. The properties are located in a prominent office corridor southeast of Rochester, NY, directly west of the l-490 interstate and Route 96, a major commercial thoroughfare with easy access to area businesses, housing and amenities.
The site contains two buildings totaling 61,349 square feet on 5.08 acres. The properties were built in 1972 and 2006 respectively with the oldest property completely renovated in 2018. The approximate $4 million build-to-suit renovation included a new roof, HVAC systems, building systems, and a top-to-bottom remodel and reconfiguration of approximately 17,700 sf of office space.
Bank of America is an American multinational investment bank and financial services company based in Charlotte, North Carolina, with central hubs in New York City, London, and Hong Kong. The company has a long-term senior investment grade credit rating of A+/Aa2 (Standard & Poor’s / Moody’s). Bank of America is the second largest banking institution in the United States. Its primary financial services revolve around commercial banking, wealth management, and investment banking. Merrill Lynch is an American multinational investing and wealth management division of Bank of America, headquartered in New York City. They employ over 15,000 financial advisors and manage $1.35 trillion in client assets as the second largest wealth manager in the world. Merrill Lynch has a long-term senior investment grade credit rating of A+/AA- (Standard & Poor’s / Fitch). The division had a net income of $4.3 billion in 2019.