"Their philosophy of looking beyond the short-term and understanding the long-term impacts of their investments makes them a perfect tenant for the Bank of America Tower," says Durst co-president Douglas Durst, in a statement. "One Bryant Park's technological, green and high-performance user innovations will produce the optimal work environment and yield abundant economic and environmental dividends for Marathon."
The choice to locate at the environmentally friendly One Bryant Park comes after a 10-month search. CB Richard Ellis' Mary Ann Tighe conducted the search and negotiated the deal on behalf of Marathon.
"Marathon is committed to providing its staff with an ideal work environment, an investment in our future that will add to the firm's overall productivity as the Bank of America Tower is the most technologically advanced, environmentally friendly, and centrally located building in Manhattan," says Marathon COO Andrew Rabinowitz.
The first tenants are slated to move in during the first quarter 2008, but a spokesperson for Durst says there is no date set yet for all the tenants to be in and functioning in the building. Several firms have already signed on to lease space. Elie Tahari LTD, a clothing designer, will lease the entire 50th floor. Durst has taken the 48th and 49th floors, while Bank of America will occupy 1.63 million sf on 37 floors. Akin Gump Strauss Hauer & Feld LLP, a law firm, agreed in August to inhabit six floors.
The lease rates for the deals have not been disclosed, but previous estimates put the asking rent north of $100 per square foot. Bank of America expects to occupy the entire building in the future. The spokesperson says only 66,000 sf remain to be filled, putting the building at 97% occupancy.
After the merger of SL Green and Reckson Associates Realty, Marathon backed an investment group of former Reckson executives to purchase $2 billion in non-core assets from SL Green.
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