RALEIGH – Highwoods Properties Inc. announced Wednesday that it has agreed to acquire the Bank of America Tower in downtown Charlotte for $436 million.

The acquisition of the 841,000-square-foot building is listed to close in November.

“Bank of America Tower at Legacy Union, an iconic new office building squarely in the center of Uptown Charlotte’s growth, is a solid bull’s eye with regard to our long-stated acquisition criteria: prime infill location in a top tier submarket, limited or no near-term rollover exposure and a financially sound customer base,” said CEO Edward Fritsch.

The company also announced a plan to exit the Greensboro and Memphis markets. Highwoods will sell some assets in these locations by mid-2020 and plans to use the proceeds for the Bank of America Tower purchase.

Highwoods expects expenses to increase $3 million to $4 million for the year on these actions and plans to take impairment charges of $2.5 million to $4 million on land held in the Greensboro market in the third quarter.

Highwoods shares were trading at $43.63 Thursday morning, down 30 cents.

This story is from the North Carolina Business News Wire, a service of UNC-Chapel Hill’s School of Media and Journalism.