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FINANCIAL INDUSTRY NEWS
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Bank of America renews Brea lease for 7 years

The financial institution will stay in the 637,503-square-foot corporate center on Valencia Avenue, marking its continued commitment to O.C.

By OC METRO staffPublished: March 23, 2011 09:31 AM

Bank of America has renewed its lease with Acquiport Brea L.P. on the 637,503-square-foot corporate center at 275 Valencia Ave. in Brea for an additional seven years. The lease was originally set to expire in 2012, and the extension showcases the financial institution's continued dedication to the region, according to the bank.

The deal is the largest office lease by square footage signed in the U.S. this year and is a sign of "stability" in the region's market, said Jones Lang LaSalle Senior Managing Director Jeff Ingham, who represented Bank of America in the transaction, along with Executive Vice President Wade Clark. (Rick Kaplan and Eric Olofson of Cushman and Wakefield represented the landlord, which is an affiliate of Lexington Realty Trust.)

Bank of America has held local operations at the center since 1982, with several of its business units at the property. Some 3,200 employees work at the facility.

Bank of America Orange County Market President Allen Staff said the Brea Center is a "significant part" of the institution's nationwide operations. The company serves 57 million consumers and small businesses with more than 5,800 retail-banking offices in the U.S.

"Bank of America has a long history in Orange County, and it remains an important market for the company," he said. “The city of Brea has been a terrific partner, and the region is a great place to work and live for the 3,200 associates based at Brea.”

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