A sign for a Bank of America office is pictured in Burbank, California
A sign for a Bank of America office is pictured in Burbank, California. Reuters

The Bank of America will sell and leaseback some of its administrative office space as part of its move to shed nonessential assets.

Real estate ownership is not a core business for Bank of America, said spokeswoman of the bank Kelli Raulerson.

Therefore we are currently reviewing our administrative portfolio and may make the decision to sell our ownership interest in certain properties, she said.

Two in Charlotte, North Carolina and one in New York are the three office buildings that have been identified for sale so far with few others are expected to follow.

The properties are the Fifth Third Center and the Hearst Tower in Charlotte, and 222 Broadway in lower Manhattan, which Bank of America inherited in the 2009 acquisition of Merrill Lynch, she said.

The bank has no plans to sell its Charlotte headquarters or its primary offices in New York. The sale of the buildings would not affect employees or third-party tenants, Raulerson said.

We will continue to lease space in these properties and there will be no impact to employees, she added.