Truist Financial Corp. needed little time to purchase its new Charlotte headquarters site and rename it as Truist Center.
The bank debuted Saturday following the completion of BB&T Corp.’s $30.4 billion purchase of SunTrust Banks Inc.
"Truist Center is in the ideal location for our newly combined company as we build a bold, transformational financial institution," Kelly King, Truist’s chairman and chief executive, said in a statement Wednesday.
"The Truist name at the top of this signature building will help to signify our beginning and demonstrates our commitment to the Queen City."
Truist has taken initially 550,000 square feet in the 965,000-square-foot building at 214 N. Tryon St., which opened in 2002. The goal is to have about 2,000 Truist employees there, with the executive management team already in place.
The banks said June 12 that the 46-story Charlotte skyscraper Hearst Tower would be the site for their proposed combined bank. The transaction is expected to be complete in the first quarter. Truist did not disclose a purchase price.
The seller, Collins Properties, said in a separate press release that the purchase price was $455.5 million and the transaction would close in March.
Tony Plath, a retired finance professor at UNC Charlotte, said in August that the banks could exercise a $455 million option with Cousins to buy the tower outright by the end of the year.
To put the projected purchase price into perspective, BB&T reported adjusted net income of $832 million for the third quarter of fiscal 2019, while SunTrust reported $623 million of adjusted net income.
"Truist's decision to consolidate its operations in Charlotte and to acquire this signature office tower is the latest in a long list of major corporate relocations to Cousins' Sun Belt markets and highlights the quality of our portfolio," said Colin Connolly, Cousins' president and chief executive.
"We are excited about recent momentum and look forward to future growth opportunities in Charlotte."
By comparison, BB&T leases its 20-story former headquarters building in downtown Winston-Salem.
That building was built in 1987 for $24 million and originally named One Triad Park. BB&T became the anchor tenant after its seminal $2.2 billion merger of equals with Southern National Corp. in 1995.
Hearst, a global media and information company, said in August that it was moving into 77,141 square feet of space in an eight-story building in the Ballantyne area.
Truist said signage throughout the building and around the property will be installed in phases after the transaction is completed. King told the Winston-Salem Journal that the plan is to unveil the Truist logo, signage and colors in January or February.
Truist Center will host several leadership teams for corporate groups, including: corporate communications, finance, human resources, insurance, legal, risk management and technology.
Truist has not announced the Charlotte location of its Innovation and Technology Center.
While the combined bank’s headquarters is in Charlotte, Winston-Salem gets the community/retail banking division and Atlanta the wholesale banking division.
The Truist Center space was constructed initially for Bank of America Corp., also based in Charlotte, to serve its bank’s investment banking and capital markets units.
“It has perhaps the largest, and most beautiful, trading floor of any institutional finance giant in the U.S. with floor-to-ceiling windows filling the floor with a sea of natural light,” Plath said.
“It’s sufficiently new, luxurious and imposing to serve as a big-bank headquarters, and it’s got the right address for one of the top five commercial banks in America.”