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CHARLOTTE, N.C. -- Bank of America has sold the Hearst Tower in uptown Charlotte to Parkway Properties Inc. in a $250 million deal, the real estate investment trust announced.

The bank had been marketing the 46-story building since February as it tries to streamline its operations. Bank of America will lease back 322,000 square feet, nearly a third of the Hearst Tower's office space, through March 2022 as part of the deal.

The pending acquisition of Hearst Tower is a significant positive step as we continue to transform the company, Parkway Properties CEO Jim Heistand said in a statement. It is a compelling real estate opportunity a trophy building, with a stable tenant base, in a submarket with improving fundamentals, at an attractive basis.

The deal is being financed primarily by a $200 million investment by private equity firm TPB into the Orlando-based real estate investment trust.
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