
                         Roanoke Times
                 Copyright (c) 1995, Landmark Communications, Inc.

DATE: THURSDAY, July 29, 1993                   TAG: 9307290090
SECTION: BUSINESS                    PAGE: B7   EDITION: METRO 
SOURCE: MAG POFF STAFF WRITER
DATELINE:                                 LENGTH: Short

ROANOKE'S GAIN IS LOSS UP NORTH

The move of 250 First Union Corp. jobs to Roanoke means a lot of empty office space in Northern Virginia.

The changes result from the merger of First American Metro Corp. into First Union. First Union moved 250 administrative and staff jobs to Roanoke, its statewide headquarters. Another 1,100 jobs in the Washington area will be eliminated by the end of the year.

In terms of office space, the merger means the historic Union Trust building in downtown Washington, the former First American headquarters, is for sale.

First Union said, however, that it will lease 40,000 to 50,000 square feet in downtown Washington for a district headquarters. It hopes to lease space from a new owner of the same building.

First Union also said it will move out of the old Dominion Bank building in McLean, which it acquired in the March merger with Dominion Bankshares Corp., consolidating in space formerly occupied by First American. First Union owns the latter building.

The lease for the Dominion Bank building and some of the space in the First American building are on the rental market.

The Washington Post quoted an expert on commercial real estate as saying First Union's action put "a big old wet rag on Northern Virginia's recovery."

However, Ben Jenkins, president of First Union National Bank of Virginia, said the company is committed to being "very much a District bank."

by CNB