BofA Takes Additional 522,000 SF at One Bryant Park

NEW YORK CITY-Bank of America has committed to an additional 522,000 sf of space at the under-construction Bank of America Tower at One Bryant Park. The deal expands the bank’s occupancy from 53% to more than 77% of the 51-story skyscraper, which a co-development of the Durst Organization and Bank of America. The firm’s new deal now totals 1.63 million sf, leaving approximately 450,000 sf available for lease.

According to a spokesperson, BofA does not disclose the financial terms of the lease. Over time, the bank expects to fully occupy the entire space lease, but it won’t be 100% occupied at the move-in date, as they want to leave some room for growth. The bank’s new lease covers 13 floors. Douglas Durst, co-president of the Durst Organization, previously expressed confidence in the lease up program for the site. “I don’t think we’ll have any trouble getting $100 per sf at the top of the building. By the time we finish, we’ll have most of the space leased.”

The crystalline tower, which is expected to be completed in February 2008 at a cost of $1 billion, will house the bank’s associates from several businesses including global corporate and investment banking, global wealth and investment management and global consumer and small business banking. The need for additional space is the anticipated growth of the global corporate and investment banking groups.