Truist - New HQ (BB&T-SunTrust Merger)

[DamicoKaren]

11 minutes ago, CharlotteWkndBuzz said:

A spot that I cant believe has stayed untouched and/or no rumors yet, is the lot sandwiched between Mint and Popular next to Ascent. It is the last lot facing Romare (I dont count skinny lot at ink n ivy). It is a killer location. Idk if BBTrust would want to build there and they would not have any signage visible from 277 probably, however, they do have a ballpark named after them right next door which visibility/marketing wise from the ballpark and romare would be significant...also need to take into account visitors rolling into gateway station or from the airport and BBT tower could be the first bank they see.  I applaud FNB for not building on Tryon or LU. Kudos to them. 

Technically, LU 1 & 2 will have a Tryon address 

[CharlotteWkndBuzz]

^true and I knew that but was just speaking in a generalization for the entire LU site. Point was, LU is a hot place to build right now and I commend FNB, being a financial institution, picking a location out of the norm. 

Edited May 4, 2019 by CharlotteWkndBuzz

[U_R_]

If only we could even slightly dream of a new tall headquarters building in Atlanta. Oh my! How great would that be. However, we just get thiccccc buildings. (cough Norfolk Southern)

What about hotels you say? We just get boxes. (cough GWCC Hotel).

Hopefully yall get a tall tower. 

[SydneyCarton]

13 hours ago, Ric0_0 said:

If only we could even slightly dream of a new tall headquarters building in Atlanta. Oh my! How great would that be. However, we just get thiccccc buildings. (cough Norfolk Southern)

What about hotels you say? We just get boxes. (cough GWCC Hotel).

Hopefully yall get a tall tower. 

Are there any concrete plans for the Gulch?  I thought that Norfolk Southern was going there, but from what I saw on Curbed, it seems that they’re going to Midtown.

I like Atlanta a lot.   It has some things that I prefer to Charlotte, but the traffic is a deal breaker for me.

My wife was offered a job at Emory.   We loved it there, but the traffic was insane, especially since we wanted to live in Roswell.  Therefore, we didn’t go.

 

Edited May 4, 2019 by SydneyCarton

[U_R_]

1 hour ago, SydneyCarton said:

Are there any concrete plans for the Gulch?  I thought that Norfolk Southern was going there, but from what I saw on Curbed, it seems that they’re going to Midtown.

I like Atlanta a lot.   It has some things that I prefer to Charlotte, but the traffic is a deal breaker for me.

My wife was offered a job at Emory.   We loved it there, but the traffic was insane, especially since we wanted to live in Roswell.  Therefore, we didn’t go.

 

Norfolk Southern is NOT going to the Gulch. Norfolk owned the land in the Gulch. Their relocation to Atlanta was contingent on the fact that the Gulch deal was passed in Atlanta. It was passed, so Norfolk officially anounced their relocation to Midtown. This is the render for their new headquarters that is u/c. It's going to have around 750k sq ft of office space. Of course, it HAS to be stubby and it is developed by Cousins. Also, I can agree that traffic is hellish. I live in the North Fulton area and it never ends.

http://www.nscorp.com/content/nscorp/en/news/norfolk-southern-breaks-ground-on-new-atlanta-corporate-headquar.html

There has been no definitive action on the Gulch, but these were leaked images. Nobody knows where they came from though.

https://www.flickr.com/photos/165366963@N02/

Edited May 4, 2019 by Ric0_0

[SydneyCarton]

That’s a nice tower.

Atlanta, like Charlotte, is filling out.

 I think Atl is a very nice place, especially its burbs.  Roswell, Alpharetta, and Buckhead are among the most beautiful suburbs I’ve ever seen, and I greatly prefer them over Charlotte’s top burbs.  

Anyway, the traffic really detracts from the quality of life, and for that reason  I’d take Charlotte over Atl any day.    I thought that traffic in Charlotte was bad until I started spending a lot of time in Atlanta.  That traffic is insane and that’s even considering that Atl has a vastly superior road network.

 

Edited May 6, 2019 by SydneyCarton

[Spartan]

On 5/4/2019 at 9:59 PM, SydneyCarton said:

That’s a nice tower.

Atlanta, like Charlotte, is filling out.

 I think Atl is a very nice place, especially its burbs.  Roswell, Alpharetta, and Buckhead are among the most beautiful suburbs I’ve ever seen, and I greatly prefer them over Charlotte’s top burbs.  

Anyway, the traffic really detracts from the quality of life, and for that reason  I’d take Charlotte over Atl any day.    I thought that traffic in Charlotte was bad until I started spending a lot of time in Atlanta.  That traffic is insane and that’s even considering that Atl has a vastly superior road network.

 

You realize the irony in your statement right? The 'beautiful suburbs' are literally the reason traffic is so bad there (and here). There's no street grid or density to support transit and walkable neighborhoods outside of the City of Atlanta, so people have no choice except to drive. They've built themselves into a traffic hellhole, and are only now coming to terms with the idea that they can't widen their way out of that mess.

[KJHburg]

from American Banker and its survey of bank execs nationwide, CFOs etc and this is what they said about the new BIGBankandTrust to be based in Charlotte.

""Bankers realistic about many changes BB&T-SunTrust merger could bring, but ...
Well, it wasn’t exactly bring it on, but neither was it fear and loathing.   Three months after the announcement of the biggest bank M&A deal since the financial crisis, speculation about the impact the combination of BB&T in Winston-Salem, N.C., and SunTrust Banks in Atlanta continues to provide grist for seemingly endless conversations.  Roughly half of survey respondents welcomed the accelerated investments in technology and increased consolidation the deal could stimulate. The negative reaction to those likely trends was confined to fewer than a third of respondents. And about 45% said the heightened focus on efficiency in the industry that the deal might force would be a good thing. However, reactions were more mixed about facing a potentially more formidable competitor — 37% reacted negatively to that prospect, 35% were OK with it and 28% were neutral.""

https://www.americanbanker.com/list/slowdown-cre-bb-t-suntrust-what-has-bankers-on-edge

[nakers2]

On 5/4/2019 at 9:59 PM, SydneyCarton said:

That traffic is insane and that’s even considering that Atl has a vastly superior road network.

 

That statement is literally an oxymoron, a superior road network would not result in "insane traffic" Charlotte's roads are by no means perfect, but I at least like that I'm not always funneled towards a main artery or highway. 

[J-Rob]

It doesn't seem BB&T/Suntrust are too concerned about regulatory approval.  They are moving forward with a CLT hangar!

"Charlotte City Council approved a 20-year lease agreement with BB&T at its meeting on Tuesday night."

https://www.bizjournals.com/charlotte/news/2019/05/29/bb-t-readies-for-charlotte-move-with-plans-for.html

[KJHburg]

From a subscriber article in Atlanta Business Chronicle on the naming choices

""BB&T Corp. and SunTrust Banks Inc. are down to a “handful” of possible names for the new merged bank, according to Bill Rogers, chairman and CEO of SunTrust. Rogers said the banks likely will announce the new name by the end of the month.   “The list has narrowed fairly significantly,” Rogers said in an interview on Tuesday. “We are down to a handful names. As you can imagine, you have to get a name that’s legally defensible. But we are really laser-focused on the brand.”""

https://www.bizjournals.com/atlanta/news/2019/06/05/suntrust-bb-t-down-to-a-handful-of-possible-new.html

[Crucial_Infra]

11 minutes ago, KJHburg said:

“We are down to a handful names. As you can imagine, you have to get a name that’s legally defensible. But we are really laser-focused on the brand.”""

Translation: All the good names are taken and we are negotiating with the trademark and domain name holders. 

[Exile]

On 5/12/2019 at 5:33 PM, Spartan said:

You realize the irony in your statement right? The 'beautiful suburbs' are literally the reason traffic is so bad there (and here). There's no street grid or density to support transit and walkable neighborhoods outside of the City of Atlanta, so people have no choice except to drive. They've built themselves into a traffic hellhole, and are only now coming to terms with the idea that they can't widen their way out of that mess.

My daughter, to our chagrin, chose a college on the other side of ATL. Now we're condemned to four years of occasionally driving through/around that hellhole, where the traffic is sometimes bad, sometimes worse, never good.

(We do like the college itself, though.)

[KJHburg]

25 minutes ago, Exile said:

My daughter, to our chagrin, chose a college on the other side of ATL. Now we're condemned to four years of occasionally driving through/around that hellhole, where the traffic is sometimes bad, sometimes worse, never good.

(We do like the college itself, though.)

sounds like Berry.   Just time it right and buy a NC Quick Pass which doubles as  Peach Pass to get on the toll managed lanes. 

[tozmervo]

49 minutes ago, Exile said:

My daughter, to our chagrin, chose a college on the other side of ATL. Now we're condemned to four years of occasionally driving through/around that hellhole, where the traffic is sometimes bad, sometimes worse, never good.

(We do like the college itself, though.)

Spoilers: I-85 from Gaffney to Greenville is worse.

[go_vertical]

That stretch is a nightmare right now, and I've been having to make twice monthly trips to Greenville for the last few months. That drive used to take about an hour forty five and now two and a half to three is the norm. 

[CTiger]

2 hours ago, tozmervo said:

Spoilers: I-85 from Gaffney to Greenville is worse.

I have run out of curse words to say while trying to get past the Woodruff Road exit in Greenville.   

[Guest]

https://www.bizjournals.com/charlotte/news/2019/06/12/merged-bb-t-suntrust-bank-to-occupy-most-of-hearst.html

well there you go. I guess not all predictions are always right, but this was the easiest "space now" move by Suntrust, and they get a turn key iconic tower. 

nice scoop by Ashley.

Edited June 12, 2019 by Guest

[cmett003]

Thats disappointing. Are they forcing other tenants out? How the hell is there that much available space in Hearst Tower?

[Guest]

3 minutes ago, cmett003 said:

Thats disappointing. Are they forcing other tenants out? How the hell is there that much available space in Hearst Tower?

BofA leaving Hearst for LU

[tozmervo]

3 minutes ago, cmett003 said:

Thats disappointing. Are they forcing other tenants out? How the hell is there that much available space in Hearst Tower?

They must be forcing people out. The article cites Hearst, K&L Gates and PwC as current tenants. I'm pretty sure Gensler also occupies 2-3 floors.

[ssh214]

I actually think this is great... US Bank should also take over the existing Ally Building once they leave... these moves would allow for a new speculative building to be constructed to hopefully attract a corporate relocation ultimately adding more jobs. And exactly like Ricky_davis said, this was the only building available that could serve for a mass corporate relocation in a type A office building... build another one and another company would come

[CharlotteWkndBuzz]

Please no signage.  That's what I love about our Big 3 (DEC, BOA, Hearst).  The Intercontinental hotel is going to be a great addition for that area and the bank.  I'm sad there is no new tower, but I hope somehow this will expedite the N Tryon revitalization efforts.  From Duckworths to Skyhouses...that area needs a lot of love.

[CarolinaDaydreamin]

9 minutes ago, cmett003 said:

Thats disappointing. Are they forcing other tenants out? How the hell is there that much available space in Hearst Tower?

Not surprised,  seems like BB&T is making the real estate calls. Least expensive option. Nice to have another 500k+ sqft tenant. It just further strengthens the market and will lead to a higher demand for space which will lead to more towers elsewhere (obviously no new tallests for a while).

[lancer22]

Inside scoop is that BB&T made all the RE calls and that K&L Gates and Hearst will be downsizing/relocating.