Bank to Buy U. S. Property for Foreigners

Bank of America’s Investment Real Estate (IRE) Group is planning to buy about $300 million in U. S. real estate this year for its international clients.

The national acquisition of between 10 and 15 buildings by IRE includes “in-depth searches for office buildings in the corridor between Century City and Santa Monica,” according to Jack S. Cooper, managing director.

He added that the Irvine/Newport Beach area, San Francisco and Sacramento are high on the group’s list of search areas in California. Other targeted metropolitan areas include Chicago, Washington, Atlanta and Seattle, Cooper said.

“IRE is not only searching for newer landmark office buildings located in central business districts, but also has customers who are interested in older properties that have been extensively rehabilitated,” he added.