Bank of America Corp. has leased office space in Paris amid plans to move its European trading hub there after Brexit, Bloomberg News reported, citing people familiar with the decision.
BofA has agreed to lease roughly 100,000 square feet at a building at 51 rue la Boetie in the 8th arrondissement, a space that is enough to accommodate roughly 1,000 employees, the news outlet said, citing the sources who asked not to be identified because the information is not yet public.
Poste Immo, a unit of France's postal service La Poste, owns the building, which is situated not far from the Arc de Triomphe landmark and is in the process of modernizing the space, according to the report.
It was reported in late September that the bank plans to relocate approximately 300 employees to Paris. The sources told the news outlet that bank executives are considering subleasing some of the space to other tenants.
BofA spokesman John McIvor declined to comment, as did a spokesman for Poste Immo, Bloomberg said.