Bank of America has joined the latest drive to set up shop in the lower Broadway corridor by signing a lease at an office tower under construction at the Pearl.
The office tower, one of two Pearl developer Silver Ventures is building at Broadway and Grayson streets, is slated for completion in the spring of 2020. The second, 10-story building will be owned and occupied by San Antonio-based Credit Human, which will consolidate its three San local operation centers.
Bank of America officials said the bank will occupy two-and-a-half floors in the six-story building and have a retail presence at street level. The move is expected by the third quarter of 2020.
Based in Charlotte, North Carolina, Bank of America is the first to sign a lease for that portion of the office development, said Jennifer Chowning, senior marketing manager at the Pearl. “Conversations and negotiations are in various stages for remaining office and ground floor space, but no other leases have been signed,” she said in an email.
Employees from Bank of America’s offices at 200 Concord Plaza Dr., north of downtown, and 300 Convent St., will relocate to the Pearl tower.
“This co-location of our employees is an important demonstration of our responsible growth strategy here in San Antonio,” said Vince Fertitta, San Antonio market president for Bank of America.
The operations that will move include business banking, consumer bank, home loans, Merrill Lynch, Bank of America Merrill Lynch Middle Market and U.S. Trust Bank of America Private Wealth Management. The bank’s Merrill Lynch office at La Cantera will remain in that far Northside location and its military banking overseas division will remain at 300 Convent St., a building USAA purchased in August 2017.
“We continuously evaluate our real estate portfolio to ensure we are optimizing work space so our teams can have stronger collaboration and better serve the needs of our clients. We’re also thrilled to be moving to one of the newest buildings in this growth area of town that has so much to offer our clients and employees.”
In July, Jefferson Bank also announced plans to move into the Broadway corridor near the Pearl, purchasing a city block where the bank will relocate the its headquarters within four to five years.
“Silver Ventures is thrilled with Broadway’s redevelopment,” Elizabeth Fauerso, chief marketing officer at the Pearl. “City investment in the Broadway corridor paired with the relocation of major employers like Bank of America exemplifies momentum in the urban core. We are excited that Bank of America has chosen this location for their employees and customers.”
