Illustrator :: How To Auto-scale Area-text Bounding Box

I'm using Illustrator CS6 with a file that someone else produced.  Many of the area text bounding boxes are way bigger than they need to be.  In Freehand, I used to be able to double-click on a corner of the bounding box and the box would automatically resize itself to just fit around the text (loved that feature!).  Is there something similar in Illustrator?  Or do I need to go through and manually resize all the bounding boxes by dragging them smaller?