News Summary
Bank of America Place, a prominent four-story office building in downtown Charleston, has been sold to Fourthline Capital Management for $45.75 million. This is the first ownership change in over 20 years, with plans for a comprehensive redevelopment to transform the building into a vibrant retail space. The property, strategically located near the historic City Market, aims to attract diverse tenants and enhance the area’s appeal. Renovation work has commenced to revitalize this iconic address in Charleston.
Charleston – Bank of America Place, located at 200 Meeting St. in downtown Charleston, has changed ownership for the first time in over 20 years. Fourthline Capital Management has acquired the property, along with its attached 350-space parking garage, for $45.75 million.
The property was previously owned by an affiliate of Oceanside Resorts Inc., which purchased it in 2004 for $42 million. The four-story office building, completed in 1991, occupies a prime location just a block north of the historic City Market, making it a significant piece of downtown real estate.
As part of their new ownership, Fourthline Capital has plans for a comprehensive redevelopment of the property. The firm aims to enhance the building’s status and re-establish it as an iconic address in Charleston. The planned renovations include transforming the ground floor along Meeting, Hayne, and Pinckney streets into “world-class” retail spaces. Fourthline partner Eduardo Arboleda described the vision for the project as an “inside/out” redevelopment, signaling a shift towards a more inviting exterior.
The existing architectural style of Bank of America Place is seen as somewhat dated since it reflects a design era focused primarily on internal offices rather than outward appeal. However, Fourthline’s founding partner noted several advantageous features of the building which could support its transformation into retail space, potentially attracting a diverse range of tenants.
Renovation work has already begun, although specifics regarding the current ground-floor tenants have not yet been disclosed. The property’s location is not only strategic due to its visibility but also significant as it sits on the site of the former Heart of Charleston Motor Hotel. This connection to the area’s history adds another layer of interest to the planned redevelopment.
Throughout the years, the ownership of the property has seen changes, with Bank of America maintaining its operations on site since the mid-2000s. The bank has signaled its intention to continue its office presence in Charleston while also adjusting to new retail opportunities as the redevelopment takes shape.
This transaction was facilitated by Charleston’s Avison Young and managed by Lee & Associates on behalf of Fourthline. As a firm, Fourthline Capital identifies itself as a long-term private capital investor based in Washington D.C., focused on leveraging irreplaceable assets in exceptional locations.
The completion of these renovations and the introduction of new retail spaces are anticipated to invigorate the downtown Charleston scene, drawing both locals and tourists to experience the refreshed Bank of America Place.
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Additional Resources
- Post and Courier: Charleston Real Estate
- Wikipedia: Charleston, South Carolina
- Live 5 News: Bank of America Scam
- Encyclopedia Britannica: Bank of America
- Charlotte Observer: Bank of America Branch Closing
- Google Search: Charleston real estate
- The Mirror: Full List of Bank of America Closures
- Google News: Bank of America closures
- Charlotte Football Club: Concert for Carolina
- The Street: Bank Shutdowns
