Bank of America Selling Concord Tech Center
July 7th, 2008 By: Rich Miller
Bank of America (BAC) is seeking to sell the Concord Technology Center, a 1 million square foot campus that includes a large data center, according to East Bay Business Times (subscription). About 2,500 people work at the four-building campus in Concord, Calif., down from a high of about 3,700. Bank of America is seeking to lease the properties back from the buyer for a minimum of two years.
The list price wasn’t disclosed, but the paper cited sources saying it would likely be in the neighborhood of $200 million, or $200 a square foot. The Concord Technology Center was built in 1985, and has been used by BofA for disaster recovery and software development. The facility played a key role in the bank’s operations during the Loma Prieta (World Series) earthquake in 1989, supporting the bank’s electronic networks while its primary data center in San Francisco switched to generator power.