Bank of America Corp (NYSE:BAC) in downtown Topeka has been renamed Topeka Towers after Bank of America shifted its office from there. The building will, however, retain the old name as “The owner is still working on what it wants to do as far as exterior signage”, according to Tom Moses, the building broker. The building was constructed for the First National Bank in 1970. Since then it has changed owners quite a few times and is currently owned by S.N Properties which acquired it in 2005 according to Moses.
The shift of BOA happened in the 2011-14 period when there were massive layoffs in the Bank. In the year of the shift from the tower, BOA laid off approximately 36,000 people, the effects which were felt in the said branch office. Banks all across America suffered a steep decline in profitability during the Banking crisis and huge losses. To become profitable again, BOA laid off record number of jobs in the period 2011-14.
The Bank of America branch in the building shifted to its branch at 700 S.W. Topeka in late last year. The banks were combined due to proximity and because the branch at Kansas avenue did not have a drive through and was smaller according to Diane Wagner, the BOA spokesperson.
The old Bank of America Tower has about 46, 139 sq. Feet of space available for rent or roughly 18% of the total. Rates range from $12 to $14.50 per sq. feet. The BOA had an 18,000 foot office in the building according to Tom Moses. Some prominent tenants in the building are Bank Barber Stylists, Highway Oil, Cosgrove Webb &Orman, Oppenheimer and Co., Mize Houser and the Top Restaurnt.
This is latest in the series of news which signal the massive impact of the great recession has had on the economy. Millions of jobs were lost, and many businesses were foreclosed during the great recession, with this event being a reminder of the same.