Well, I have seen two conflicting stories.  Last week's Sun said that over 200 jobs would be lost.  Today, the PD says:

 

Beachwood spared for now in Bank of America job cuts

 

Bank of America is cutting about 2,000 jobs across the country as it absorbs the business of MBNA, the banking company announced today. But none of the 2,500 Bank of America/MBNA workers in Beachwood or Akron will be affected. The company said it would save some money locally by consolidating operations now spread among four buildings in Beachwood, selling two buildings. Last year, Bank of America had said it would eventually cut 6,000 jobs as a result of its purchase of the credit-card giant whose success built the fortune of the Lerner family here.

 

 

So, what's going on??

After reading over the news update in the Plain Dealer it sounds as if they're going to cut 200 jobs at the Beachwood office, but it was not really a part of the layoffs that had been announced earlier.  Between the Sun and the PD it sounds as if they were eliminating mortgage staffers, as opposed to the overlap that they are in the midst of trimming for the credit division.  The article also mentioned selling off part of the Science Park campus in Beachwood, which I can assume means that they plan on limited expansion at best at least in the short term.  Still good to hear that the brunt of the cuts occurred elsewhere, could have been much worse I suppose.

A friend of mine who works at MBNA said they are selling two of the Beachwood buildings. He also said that in their meeting, that as far as longterm plans, BofA is looking at moving downtown.

A friend of mine who works at MBNA said they are selling two of the Beachwood buildings. He also said that in their meeting, that as far as longterm plans, BofA is looking at moving downtown.

 

Well, that is interesting.. What else do you know about that?

Bank of America... downtown... you don't say... 

 

I wonder where they could set up shop :lol: :lol: :lol: :lol:

 

Dont Play with me. I hope they do come downtown and possibly absorb some of this empty office space or maybe build a new tower. But dont pay attention to me I have a bais for a new tower downtown. i think its sad that this region could lose more jobs. lets hope we can keep the jobs and get Bank of America downtown. I would love to have thier presence downtown.

From friends, Bank of America and Citigroup are both looking DYING to crack the Cleveland market.  Its one of the last major areas with no international banking.  My friends in banking say Key & National City have protected its "fortress market" to the hilt!

 

Chase just arrived, via a merger but do we know if BoA can open op "retail" location in Metro Cleveland?

 

A friend of mine who works at MBNA said they are selling two of the Beachwood buildings. He also said that in their meeting, that as far as longterm plans, BofA is looking at moving downtown.

 

 

I have two cousins who work at MBNA who said the same thing.  They are pissed that they may have to commute downtown.  They're gettin all pissy and sh*t and they both live TWO BLOCKs away from the rapid!  I swear you'd think they were commuting to another country!

 

A friend of mine who works at MBNA said they are selling two of the Beachwood buildings. He also said that in their meeting, that as far as longterm plans, BofA is looking at moving downtown.

 

I was told, that these buildings will be leased out not sold and they are building another building...go figure.

Is there a chance they (BofA and Citi) could build a corporate tower downtown or would they just build retail style bank branches and MBNA style office buildings? As for Citi I swear I have seen branches of some sort at the intersection of Green and Mayfield and Rockside road near Northfield.

Is there a chance they (BofA and Citi) could build a corporate tower downtown or would they just build retail style bank branches and MBNA style office buildings? As for Citi I swear I have seen branches of some sort at the intersection of Green and Mayfield and Rockside road near Northfield.

 

Citibank ATMS are in some 7/11's in the northeast ohio area but there are no retail locations (branches).

Is there a chance they (BofA and Citi) could build a corporate tower downtown or would they just build retail style bank branches and MBNA style office buildings? As for Citi I swear I have seen branches of some sort at the intersection of Green and Mayfield and Rockside road near Northfield.

 

just a guess, but I think they would build a tower as they have a "signature" building in almost every city they are located in.

Thats what I'm thinking, or hopeing^

Citibank ATMS are in some 7/11's in the northeast ohio area but there are no retail locations (branches).

 

 

these aren't in or near 7/11s, but they do just say Citi on them,and I think they may specialize in home mortgages , I don't know, I'll be up there this weekend I'll check it out.

 

 

 

just a guess, but I think they would build a tower as they have a "signature" building in almost every city they are located in.

 

I hope so to. We need some height to balance out the skyline, assuming they build a tall tower like in every other town.

OK, so how about a Bank of America tower AND a Quicken Loans tower downtown? And has anyone heard for certain where DFAS is going to go?

"just a guess, but I think they would build a tower as they have a "signature" building in almost every city they are located in."

 

They have signature buildings in almost every city because they've acquired a lot of banks and slapped their name on the respective buildings. BofA hasn't actually built too many of their towers.

 

"Chase just arrived, via a merger but do we know if BoA can open op "retail" location in Metro Cleveland?"

 

Highly unlikely because there's a rule that no one single bank can hold more than 10% of the nation's deposits. BofA is very close to that limit - that's why they bought MBNA, a credit card company. Now, some of the other banking giants could conceivably try to grow a retail footprint but it's likely that they'd do it via a merger/acquisition rather than just entering the market on their own.

Citibank ATMS are in some 7/11's in the northeast ohio area but there are no retail locations (branches).

 

 

 

these aren't in or near 7/11s, but they do just say Citi on them,and I think they may specialize in home mortgages , I don't know,  I'll be up there this weekend I'll check it out.

 

Was it citigroup or citicorp or smith-barney?  If im not mistaken they are all "citi" holdings but do very different things.  which as you've indicated if its a mortgage banking division, that would be different than a retail banking branch.  Mayday can you chime in??

A friend of mine who works at MBNA said they are selling two of the Beachwood buildings. He also said that in their meeting, that as far as longterm plans, BofA is looking at moving downtown.

Well, that is interesting.. What else do you know about that?

 

Well I spoke with my friend today, and he really didn't have a whole lot of information. He did say that they are actually selling off the whole Beachwood campus, and that BofA would be the ones leasing two of the buildings from the new owners -- he said that they did not want to own the campus. For what it's worth, he said that in his meeting that the rumored buyer is Progressive (although I don't really see why they would be looking to purchase when they are building a new campus).

The citi locations in Cleveland belong to citifinancial.  This is the loan division of Citibank. 

 

MayDay is right.  BofA is right at the 10% limit, literally.  When they merged with Fleet, it put them right at the limit.  In fact BofA is trying to limit their market share.  They are done with retail banking acqusitions and MBNA is the company's future.  They plan on devoting all of their future growth to the credit card division. 

 

It would be great to see them move operations downtown, but I don't think it would happen for years if at all.  You would have to believe a large financial company like BofA wants to be in a high profile and a downtown location would fit that profile. 

I wish they would build a building on PSQ to close the large gap. but i don't see it happening since the BP building is 25% or more empty.

I wish they would build a building on PSQ to close the large gap. but i don't see it happening since the BP building is 25% or more empty.

 

Where did you get that number/informatoin?

I seem to recall reading that the BP Building was is better shape than it had been due to a number of move-ins in the fairly recent path.  I'll see what I can find, but National City seems to pop up as one of the groups that ate up some space in the building.  25% seems a bit high, but I could be mistaken.

I found this article at http://www.urbanohio.com/forum2/index.php?topic=3986.0

It says that at the time of sale the BP building had a vacancy rate of 12%. However,it also said in the article that BP has a sub-lease agreement for 311K square feet until 2008. Is this space considered vacant since they are no longer occupying that space? A little off topic, but I think they really need to change the name of that building. It is our second tallest building and it is named after a company that moved 7 years ago. :whip:

^BP is smaller than the Terminal.  I would assume that the new owners are not changing the name until a new or existing tenant will negotiate to put its name on the building.

It has been renamed to 212 Public Square or something like that, but everyone in town still calls it the BP Building.

I worked in SOHIO BUILDING.  the Address is 200 Public Square.    The good old SOHIO days  sigh  :cry:  :cry:

200 Public Square is the address and i think the new name.  I vaguely remember noticing the change, while walking through one day.

I found this article at http://www.urbanohio.com/forum2/index.php?topic=3986.0

It says that at the time of sale the BP building had a vacancy rate of 12%. However,it also said in the article that BP has a sub-lease agreement for 311K square feet until 2008. Is this space considered vacant since they are no longer occupying that space? A little off topic, but I think they really need to change the name of that building. It is our second tallest building and it is named after a company that moved 7 years ago. :whip:

 

Okay my info is 2 years old, my bad.

 

BP Tower attracting mainly local bids

 

By STAN BULLARD

Crain's Cleveland

 

6:00 am, May 3, 2004

 

 

 

At least three bidders remain in the hunt for BP Tower, even after high-profile business leader Monte Ahuja counted himself out of the running following the rejection of an offer he made in tandem with the Goldman Sachs financial firm.

 

A group led by real estate investor Mark Munsell of Beachwood continues to bid for the property, and three sources who asked not to be identified said Werner Minshall, the Maryland-based co-owner of Tower at Erieview and Galleria downtown who has family ties to Northeast Ohio, remains in pursuit of the skyscraper. There's at least one more bidder for the 45-story Public Square tower, one well-placed source said, but the source declined to identify that bidder.

 

...

 

http://www.crainscleveland.com/