(Bloomberg) -- Bank of America Corp. is preparing to explore options for a potential move out of its current London headquarters before the lease expires in 2032.
The lender has hired broker Jones Lang LaSalle Inc. as a real estate adviser, people with knowledge of the process said, asking not to be identified discussing private information.
BofA has yet to start viewing alternative options and it could ultimately decide to extend its current lease at 2 King Edward Street, the sprawling office it occupies next to St Paul’s Cathedral in the City of London, the people added.
Representatives for Bank of America and JLL declined to comment. Green Street News earlier reported the appointment.
A dearth of new office development in London is prompting giant companies to begin considering their options many years in advance of expiring leases. That’s because projects of the scale needed to accommodate large banks can take years to deliver even once they have secured building approvals. And, developers also typically want certainty before commencing construction on such large buildings.
Bank of America previously weighed options for a new headquarters in 2017 but ultimately opted to extend its lease which had been due to expire in 2022. The building is owned by Norway’s sovereign wealth fund which has already agreed on a deal to take back part of the bank’s space and is in the process of upgrading the building.
The hiring of the adviser is the first step in what would be a multiyear process should BofA decide to relocate. The existing premises, originally home to Merrill Lynch prior to its merger with Bank of America, spans about 585,000 square feet (54,348 square meters).
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