FOR IMMEDIATE RELEASE

Aug. 5, 2004

BB&T to move headquarters to 500 East Main Street

NORFOLK – BB&T and Harbor Group International today said that BB&T will become the anchor tenant at downtown Norfolk’s 500 East Main Street when it moves its regional headquarters there in October.

BB&T’s Hampton Roads Region headquarters also will include a full-service financial center on the ground floor, expected to open in the fourth quarter.
The move was prompted by BB&T’s decision to sell its parking facility across the street from its current headquarters at 109 E. Main St. to the City of Norfolk. 

“ This is really a win-win for the city and for BB&T,” said Robert Boyd, president of BB&T’s Norfolk-based Hampton Roads Region. “Our goal in the parking facility sale was to help the city in its continuing economic development plan for downtown. But the clincher was the prospect of continuing our longtime presence in the central business district by becoming the anchor tenant at a signature building like 500 East Main.”

“ We are honored to have a great institution such as BB&T as the anchor tenant of the building,” said Jordan E. Slone, Chairman and CEO of Harbor Group International.
BB&T will occupy the bottom three floors and 40,000 square-feet at 500 East Main. The 16-story building is visible from Interstate 264 and the downtown Norfolk harbor. The BB&T logo will be displayed on two sides of the building.

The 230,000 square-foot building is adjoined by a 310-space parking garage.  Other prominent tenants at the property include Hunton & Williams, Waterside Capital, the Hampton Roads Economic Development Alliance and the Virginia Attorney General’s office.

Norfolk’s growing central business district is already home to several banks and brokerage houses, in addition to luxury hotels, shopping and recreation.
BB&T’s new financial center will offer a full array of services, including checking and savings accounts; business, personal and mortgage loans; private banking; and trust.
Harbor Group International is currently renovating the building’s first floor exterior, part of a $1 million capital improvement project which included renovations to the building’s main lobby and elevators. “When the work is completed, it will give the property a dramatic new look,” said Harbor Group International Spokesman Sid Bridge.

“ BB&T is a premier financial institution and a perfect fit for 500 East Main,” Bridge said.

“ The building has the best drive-through banking access in all of downtown Norfolk and we are pleased to have BB&T anchor a roster of creditworthy tenants.”
BB&T divides its 11-state footprint into autonomous community banking regions to keep decisions closer to the customer. BB&T’s Hampton Roads Region includes the following counties: Virginia Beach, Chesapeake, Suffolk, Isle of Wight, Southampton, Sussex, Surry, Hampton, York, Newport News, James City, Charles City, Gloucester, King and Queen, Middlesex, Northampton and Accomack. It has 39 banking offices and $1.7 billion in deposits.

Harbor Group International, LLC (HGI), headquartered at 555 E. Main St. in Norfolk, Va., is one of the largest owners of office property in Hampton Roads. The company’s major holdings in the area include 555 and 500 East Main Street and Interstate Corporate Center. Founded in 1985, the company owns office, retail and residential property throughout the country. HGI currently owns an investment portfolio worth nearly $900 million.

Winston-Salem, N.C.-based BB&T Corporation (NYSE: BBT) and its subsidiaries offer full-service commercial and retail banking and additional financial services such as insurance, investments, retail brokerage, corporate finance, international banking, leasing and trust. More information is available at www.BBandT.com .
BB&T operates more than 1,400 financial centers in Virginia, Maryland, West Virginia, Kentucky, Tennessee, Florida, Georgia, Alabama, Indiana, the Carolinas and Washington, D.C.

With more than $97 billion in assets, BB&T Corp. is the nation’s ninth largest financial holding company. National consulting firm Forrester Research Inc. in 2003 named BB&T Corp. as the top financial services company in the nation based on “customer advocacy.”

###