Bank of America will expand its presence in downtown Fort Worth after announcing plans to consolidate and expand its offices into the space being vacated by D.R. Horton in Sundance Square.
Bank of America will lease three full floors – 18, 21 and 24 – of commercial space in Sundance Square Tower 2 with additional plans to open a 4,000-square-foot financial center on the ground floor. That tower will also be renamed Bank of America Tower in Sundance Square.
Approximately 180 employees will relocate to the new 68,000 square foot space, but more could be added in the future, according to Mike Pavell, Fort Worth Market President for Bank of America. “This gives us an opportunity to bring all our lines of business under one roof and allows us to operate more efficiently,” he said.
“We are pleased to be the anchor tenant at the tower, giving us the opportunity to co-locate our Merrill Lynch, U.S. Trust, business banking, global banking and markets and retail teams so they can have stronger collaboration in better serving our clients while ensuring responsible growth to our company,” Pavell said.
Bank of America’s existing Merrill Lynch operations, currently located in the Wells Fargo Tower, will move to the new location, along with Bank of America’s business banking, global banking and market teams from the current Bank of America site at 500 W. Seventh St.
Bank of America will be vacating that building, which was originally built in 1961 for First National Bank of Fort Worth.
The bank occupied about 56,000 square feet in the building, including two floors, basement space and part of the ground floor that was used for branch banking operations. The lobby operations are expected to remain in the building until sometime in 2018, according to Jack Clark, president of Red Oak Realty, who has the listing on the building.
Clark said the building, owned by First on Seventh LP, will have some renovation for retrofitting some of the space for other uses, particularly retail on the ground floor.
“We’re looking at this as an opportunity to some new things here,” Clark said.
Sundance Square officials said the addition of the Bank of America name on the Commerce Street side should occur mid-year.
“We are excited to welcome Bank of America to Sundance Square. One of the most visible pieces of this addition will be the change in the building perspective, adding a retail bank to the ground level that will extend to the sidewalk will enhance the entire block,” said Johnny Campbell. “As a world-class company, we are proud Bank of America has chosen Sundance Square as a hub to conduct business and serve downtown Fort Worth.”
David M. Schwarz Architects, Inc. is the architectural firm of record for the Bank of America project, according to Sundance Square officials.
Schwarz, of David M. Schwarz Architects Inc. in Washington, D.C.,, has designed several Fort Worth-area projects, including the Nancy Lee and Perry R. Bass Performance Hall, Globe Life Park, National Cowgirl Museum and Hall of Fame, among others.