Bank of America Plaza Continues to Suffer as Frazier & Deeter Announces Relocation

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Frazier & Deeter has announced its plans to move their Atlanta headquarters into 96,000 SF at the Promenade. The accounting firm is leaving Bank of America to transform 4 floors in Promenade, another Midtown office tower. Cousins Properties bought the tower in 2011 when it was just 58% leased and has worked to diligently to improve its occupancy, which is now up to 88%.

For every step that Promenade has taken in the right direction it seems that Bank of America has taken one in the wrong. More than 500,000 SF is vacant in the 55-floor tower. Last year, a credit bid of $235 million was placed on the building – merely half of what it was purchased for seven years ago. Despite high vacancy rates, mortgage servicer CM Capital claims they still have the ability to fund leasing transactions and spend money where to necessary to draw more attention from prospective tenants.

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