Search
 

BofA Takes Additional 522,000 SF at One Bryant Park

NEW YORK CITY-Bank of America will occupy 77% of the 2.1-million-sf One Bryant Park tower. The banking giant will occupy a total of 1.63 million sf in the site, which will serve as its local headquarters. It is scheduled to be completed in 2008. Approximately 450,000 sf still remains available.

By Barbara Jarvie | Updated on March 06, 2006

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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.