Bank of America and Durst Make it Official

NEW YORK CITY-The deal is done. Bank of America and the Durst Organization will develop a 2.1-million-sf tower at One Bryant Park in Midtown. Bank of America will become the primary tenant occupying more than a million sf. The deal has been the stuff of rumors since earlier this year, but neither party confirmed it until now.

The building will rise adjacent to Durst’s flagship Condé Nast Building at Four Times Square. One Bryant Park will extend along 42nd Street to Avenue of the Americas, diagonally across from Bryant Park. The 51-story skyscraper will also include a variety of conservation and environmental advances, from water conservation using rain runoff and gray water recycling, to wind turbines and co-generation of power and cooling. The architectural firm of Cook + Fox designed One Bryant Park.

Demolition is expected to begin next spring and occupancy is anticipated for early in 2008, when Bank of America will move its associates into the new tower under terms of a 20-year lease.