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Kim_Gatley
Kim Gatley
S
enior Vice President & Director of Research at REOC San Antonio

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Downtown office building lands 50,000 sf tenant

Bank of America Plaza

Bank of America Plaza

Bank of America Plaza, the largest office building in downtown San Antonio at nearly 533,000 square feet, recently signed one of the biggest new leases since AT&T (then Southwestern Bell) relocated from St. Louis in 1992.  The San Antonio Business Journal reported that U.S. agency inks big lease at BofA Plaza downtown

The U.S. General Services Administration (GSA) signed a long-term lease to occupy 50,000 square feet in the 28-story Class A tower located at 300 Convent St.  Some 200 federal employees working to regulate and disperse medical records for the armed forces will help fill the 95,000 square-foot void that AT&T created when it pulled out of Bank of America Plaza several years ago. 

As the San Antonio Express-News article Bank of America Plaza lease biggest in decade reported, at the close of the second quarter, before the GSA lease was signed, the greater downtown office vacancy was 20.6%.  Vacancy in the Class A subset was 16.9%.  Neither of these two stats include the sublease space left behind at IBC Centre I & II by AT&T upon its decision to relocate the corporate headquarters to Dallas last year.  If all factors remain constant in the third quarter, the impact of the GSA lease could improve the greater downtown vacancy rate to 19.7% and the Class A vacancy rate to 14.3%.

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