Flight to quality in its truest form? Perhaps.
The Charlotte, N.C.-based bank will move from its current New York City offices at 711 Fifth Avenue, possibly in a bid to draw workers back to offices considering the high-profile standing of the Related Companies-owned 2.9 million-square-foot property, according to Bloomberg, which first reported the story.
Related declined to comment on the transaction while Truist did not immediately respond to a request for comment. It’s unclear who brokered the deal.
Truist, which formed in 2019 through a merger with BB&T Corp. and SunTrust Banks, took over control of the latter’s headquarters at Nightingale Properties and Wafra Capital Partners’ 711 Fifth, also known as the Coca-Cola Building.
The deal comes soon after Vista Capital signed a 95,000-square-foot lease at the 58-story tower in August, reportedly paying between $175 and $240 per square foot in the deal.