Economic Development - Expansions and Relocations

[navigator319]

A new corporate headquarters will be established in Charlotte, NC, including an Innovation and Technology Center to drive digital transformation. In the current home markets for both companies, the combined company will maintain the Community Banking Center in Winston-Salem, NC and the Wholesale Banking Center in Atlanta, GA.

Banking jobs awesome yes, but I like the fact of the tech jobs even more.

Suntrust has relatively new space in South Park  100ksqft+- I think and BBT has well BBT Tower Uptown.   I wonder what they do how they consolidate/expand.  Will be winners and loosers in that.  If I was owners of aging/old BBT tower I'd be nervous, even with the around the edges renovations they have announced.

Edited February 7, 2019 by navigator319

[KJHburg]

Charlotte back to #2 and not by a thread banking center in the USA with this merger.  I am betting there will be a new office and since uptown is always been the banking center look for something.  BB&T reduced their space in BB&T Center uptown a few years ago and SunTrust in Sharon Square in southpark has no place to expand.  

View from the Triad Business Journal

https://www.bizjournals.com/triad/news/2019/02/07/bb-t-merging-with-suntrust-establishing-hq-in.html?ana=e_me_set1&s=newsletter&ed=2019-02-07&u=oAaDx%2B74FoP4qOJ%2By4AU6dhJPpc&t=1549545478&j=86519721

Edited February 7, 2019 by KJHburg

[CLT>]

21 minutes ago, lancer22 said:

Also this has LU3 written all over it

Speak of ugly and it will appear...

Would be interesting to see if the newly named master developers who win the 7th & Tryon Development lands them and ups the corporate office from 15 stories. 

[KJHburg]

another story from Business NC magazine about the merger 

I would suspect most jobs would remain in Winston and Atlanta however the top jobs will come here. 

http://businessnc.com/commentary-what-the-blockbuster-bbt-suntrust-combination-means/?utm_source=Business+North+Carolina+Daily+Digest&utm_campaign=a7e83a95d5-EMAIL_CAMPAIGN_2_6_2019_COPY_02&utm_medium=email&utm_term=0_7ae5defd0d-a7e83a95d5-122553233

The press release from the banks 

https://bbt.mediaroom.com/2019-02-07-BB-T-and-SunTrust-to-Combine-in-Merger-of-Equals-to-Create-the-Premier-Financial-Institution?utm_source=Business+North+Carolina+Daily+Digest&utm_campaign=a7e83a95d5-EMAIL_CAMPAIGN_2_6_2019_COPY_02&utm_medium=email&utm_term=0_7ae5defd0d-a7e83a95d5-122553233#new_tab

[15895]

For the nations 6th largest bank, I want a nice signature tower. Not a little building in the shadows of BofA Legacy...

[navigator319]

Also this has LU3 written all over it

Why would they want to be literally in BofA shadow in the same complex.

Not only that they are rebranding they would if smart rebrand with the vibe of Ally, not BofA and certainly not the vibe LU has.

[KJHburg]

Why saying Legacy 3 could be the Legacy 4 tower???  I think they will anchor their own building but it wont be new tallest.  BB&T can't speak for Suntrust but BB&T is very committed to the cities it serves with large numbers of employees in downtown Winston, in a large customer service center right near Piedmont Triad Airport (old Amex campus) and they still committed to downtown Wilson where the bank was founded with a new office building to replace 2 older ones that are in need of renovation.  

There are already big companies looking at Legacy 3 hint think bees so this could be one larger tower or a possible Legacy 4 tower.   Very exciting.  Kelly King is a fantastic CEO 

Interesting factoid on SunTrust:   they had the original formula for Coca Cola in their vault for many many decades until it was moved from their vault to World of CocaCola where it is under wraps there.  

 

Edited February 7, 2019 by KJHburg

[j-man]

10 minutes ago, KJHburg said:

Why saying Legacy 3 could be the Legacy 4 tower???  I think they will anchor their own building but it wont be new tallest.  BB&T can't speak for Suntrust but BB&T is very committed to the cities it serves with large numbers of employees in downtown Winston, in a large customer service center right near Piedmont Triad Airport (old Amex campus) and they still committed to downtown Wilson where the bank was founded with a new office building to replace 2 older ones that are in need of renovation.  

There are already big companies looking at Legacy 3 hint think bees so this could be one larger tower or a possible Legacy 4 tower.   Very exciting.  Kelly King is a fantastic CEO 

Do yall really believe they would have interest or even want to include a new headquarter building along with a development that caters to BofA that much or even be associated with LU since it is mostly already planned out? This is the perfect opportunity to extend some development on the north side of uptown which could spark more buzz and eventually have a more balanced skyline lol. I think the land next to the new apartment tower Market 42 would be ideal. I'm claiming a new top 5 tallest tower. 

Edited February 7, 2019 by j-man

[Urbs42]

Any guesses as to how many new jobs this would mean for CLT, and would it really require a large tower?

The reporting seems to indicate the banks will keep substantial operations and employees in Atlanta and Winston.  

[Bruco72]

19 minutes ago, AirNostrumMAD said:

For the nations 6th largest bank, I want a nice signature tower. Not a little building in the shadows of BofA Legacy...

This is monster news. While I doubt the  number of new jobs will be transformative, HQs are important and they will want their name on a nicer building than the current BB&T site 

 

No way they let Ally, Regions, and Fifth Third have nicer and more prominent digs than them. 

Edited February 7, 2019 by Bruco72

[KJHburg]

4 minutes ago, Urbs42 said:

Any guesses as to how many new jobs this would mean for CLT, and would it really require a large tower?

The reporting seems to indicate the banks will keep substantial operations and employees in Atlanta and Winston.  

I think and this is a guess it would be the corporate staff 300-500 but with this technology center not sure how big that could be could be the same size.  I do think they will keep alot of back office work back in Winston, their customer center in Greensboro by the airport and Atlanta .  This is called a merger of equals but there is always   one partner more equal than the other.

As for Legacy BofA has no ownership there just a major tenant and if this new bank wanted to go there I am sure they would in their own tower.   However a site of N Tryon  would be good too just depends on how much space they would need.  

Edited February 7, 2019 by KJHburg

[15895]

The NC RR property (I think that’s who owns it) at the 3rd St. Lynx Station would be perfect for this. And right by their current tower. 

[CharlotteWkndBuzz]

They could always dust off those plans to build a tower on top of the spiral part of their parking deck...Not sure how tall of a tower it could support.  Think they build new though somewhere else to make a statement. 

*My choice would be the last 'vacant' lot next to The Ascent near Romare.  I think this is such a prime spot, as it is the last spot to build adjacent to the park, and how fitting, it's right next to BB&T ballpark.  

Edited February 7, 2019 by CharlotteWkndBuzz

[HopHead]

Holy sheet. This was completely out of left field. The fact that they are putting the combined HQ in Charlotte speaks volumes to the importance of our city in the banking/financial sector. That #2 ranking should be solidified for quite some time with the #6 bank to be based here. I definitely don't see them as a tenant in BofA's shadow at any of prospective LH towers. They'll want something to stand out on their own in uptown.

[KJHburg]

The real estate part of this deal for Charlotte will come quite later in the year as they get closer to regulatory approval.   Lets all discuss this is the new BB&T thread as we will be talking about a long time after today since those decisions on real estate will come later. 

[DMann]

I too like across the street from Ascent, but also think that across from the Federal Courthouse on Trade Street, or even better. on the lawn of left field in BBT Stadium!

[Urbs42]

14 minutes ago, HopHead said:

Holy sheet. This was completely out of left field. The fact that they are putting the combined HQ in Charlotte speaks volumes to the importance of our city in the banking/financial sector. That #2 ranking should be solidified for quite some time with the #6 bank to be based here. I definitely don't see them as a tenant in BofA's shadow at any of prospective LH towers. They'll want something to stand out on their own in uptown.

Come on over Wells... the water is warm! 

[cltbwimob]

17 minutes ago, Urbs42 said:

Come on over Wells... the water is warm! 

Wells Fargo is probably not going to make that jump; however I think there is a somewhat good chance that Ally does.  IIRC, about half of their C-Suite staff lives in Charlotte, and of those, it’s the really important C-Suite titles such as CFO, Head of the Consumer Bank, and most importantly CEO.  I believe the COO is in Charlotte too.

[southernnorthcarolina]

2 hours ago, navigator319 said:

   If I was owners of aging/old BBT tower I'd be nervous, even with the around the edges renovations they have announced.

 

I'll bet you're right.  The merger could be great news for the owners of BB&T Center, or it could be a disaster.

Good points about BB&T Center:  terrific location as the hub of Overstreet Mall; ample parking with excellent vehicular access and egress via tunnels under College Street.

Defects:  1970s aesthetic;  poor ground floor presence; three huge, difficult to lease floors which extend over the parking deck -- 60,000 SF each.

The three big floors were built for Southern Bell (later BellSouth), the dominant tenant until they built their own building.  Though it was not widely known, BofA took most of the space BellSouth vacated, including at least two of the big floors (maybe all three -- not sure), for its "back office" space.  I'm guessing that BofA will move out, into Legacy or elsewhere, but BB&T Center might offer them a deep discount on the big floors, in recognition of the fact that there aren't many potential tenants who need that kind of space.

[EllAyyDub]

37 minutes ago, southernnorthcarolina said:

The three big floors were built for Southern Bell (later BellSouth), the dominant tenant until they built their own building.  Though it was not widely known, BofA took most of the space BellSouth vacated, including at least two of the big floors (maybe all three -- not sure), for its "back office" space.  I'm guessing that BofA will move out, into Legacy or elsewhere, but BB&T Center might offer them a deep discount on the big floors, in recognition of the fact that there aren't many potential tenants who need that kind of space.

This is true, but BofA vacated their space (the big floors) in this building 5 years ago now.

[KJHburg]

Most of those huge floors are now occupied.   I have an existing building for new bank would be Charlotte Plaza

[CLT2014]

9 minutes ago, KJHburg said:

Most of those huge floors are now occupied.   I have an existing building for new bank would be Charlotte Plaza

Doesn't Grant Thorton have rights to their name on top or could that easily be dropped for signing on a bigger tenant? 

Ramping up the digital teams in Charlotte is going to be where most of the big job growth is in the future in the banking industry and at SunTrust/BB&T. I'd expect at least a couple hundred jobs for digital product managers, digital risk, web developers, artificial intelligence, architecture,  etc... in addition to finance, HR, supply chain, etc... and other corporate functions moving here over time. Charlotte is definitely getting the high growth function of the combined company in addition to the executive leadership. 

Edited February 7, 2019 by CLT2014

[atlrvr]

4 hours ago, Urbs42 said:

Any guesses as to how many new jobs this would mean for CLT, and would it really require a large tower?

The reporting seems to indicate the banks will keep substantial operations and employees in Atlanta and Winston.  

I'll guess 4,000 new jobs within 5 years.

[Scribe]

I think the building will come, just next cycle...

[Dale]

9 minutes ago, Scribe said:

I think the building will come, just next cycle...

What’s a cycle ?