BofA sells Hearst Tower

CHARLOTTE, NC (WBTV) - One of the tallest buildings in Uptown will soon have a new owner.

Bank of America told WBTV Friday that it's selling the Hearst Tower.

The bank's been trying to unload the big uptown building since February when it launched a plan to streamline operations.

BofA needs to whittle down expenses after losing a lot of money in mortgage-related litigation.

A few days earlier, the bank also said it would lay off 2,000 highly paid investment bankers.

In an email, bank spokesperson Jennifer Darwin said, "we are always reviewing our building assets because corporate real estate ownership is not a core business for Bank of America. We will continue to lease space in the building and expect no immediate impacts to employees."

A real estate investment firm, Parkway Properties, says it is buying the building in a $250 million dollar deal.

As part of that deal, the bank will lease back one-third of the tower through March 2022.