Highwoods Properties Inc. announced Wednesday that it has agreed to acquire the Bank of America Tower in downtown Charlotte for a total investment of $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 $3.0 million to $4.0 million for the year on these actions and plans to take impairment charges of $2.5 million to $4.0 million on land held in the Greensboro market in the third quarter.

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