Bank adds 522,000 s/f at One Bryant Park.Bank of America
Bank of America (NYSE: BAC TYO: 8648 ) is the largest commercial bank in the United States in terms of deposits, and the largest company of its kind in the world. expanded its presence at One Bryant Park Bryant Park is a 9.603 acre (39,000 m²) public park located in the New York City borough of Manhattan. It is bounded by Fifth Avenue, Sixth Avenue, 40th Street and 42nd Street in Midtown Manhattan. The central building of the New York Public Library is in the park. this week, taking an additional 522,000 s/f.
BOFA BOFA Bank of America
BOFA Breath of Fresh Air
BOFA Boosted Over Fire Air (emmissions reduction technology) will now occupy a little over 1.6 million s/f in the 2.1 million s/f building, which the bank will co-own with the 51-story tower's developers, the Durst Organization. Jones Lang LaSalle's Peter Riguardi and John Ryan John Ryan can refer to:
With over half of their one million s/f in the building now absorbed, the Durst Organization plans to change its strategy from trying to attract large block tenants to one aimed towards users whose space needs are in the 30,000-90,000 s/f range. Such small to midsize tenants are typically more likely to fork over to hand or pay over, as money; to
- G. Eliot.
See also: Fork the kind of pricing the Durst Organization is seeking for the tower floors, elite rents that will match or even top those at the city's best addresses, such as the GM Building and 9 West 57th West 57th can refer to:
"Our focus is going to be on a one, two, or maybe three floor tenant," said Tom Bow, senior vice president of leasing at The Durst Organization, who along with a team of in-house brokers repped the landlord. "Before we were certainly speaking to tenants in the quarter million s/f range, which is not necessarily a tenant that we're going to be targeting now."
The time frame for the building's next deal has likely been expanded as well. Due to be completed in a little over two years, One Bryant Park had been attracting attention from large space users for whom suitable contiguous blocks are often hard to find and who consequently must start their space searches well ahead of their lease expirations. The smaller type tenants that the building's leasing team is now after don't always make space decisions so far in advance because their more modest requirements are often easier to meet and generally allow them more options.
"We were going to start our marketing campaign for the space immediately," said Douglas Durst, co-president of The Durst Organization. "Now we're going to redesign our marketing and postpone it to the fall."
The lengthened leasing schedule plays in The Durst Organization's favor, considering the tightening mid-town office market. Rents have steadily been rising and vacancy has diminished, especially among class A product, and those trends are expected by real estate experts to continue and perhaps even accelerate over the coming months.
"It will be a big number," Durst said of the rents the upper floors at One Bryant Park will command.
One Bryant Park--designed to be the world's most environmentally responsible office building--will serve as headquarters for Bank of America's operations in New York City New York City: see New York, city.
New York City
City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. and house associates from several businesses, including Global Corporate and Investment Banking, Global Wealth and Investment Management and Global Consumer and Small Business Banking.
"New York New York, state, United States
New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of is a critical market for Bank of America and we are committed to growing all our business lines here," said Alan Rappaport, New York Market President for Bank of America. "A key element of that growth is our Global Corporate and Investment Banking group and this additional space will accommodate the expected expansion of that unit."
BOFA's will occupy floors 2-36 and 51, the top floor. The building's unique footprint will enable Bank of America to operate six major trading floors ranging in size from 43,000 to 99,000 s/f.
Designed by Cook+Fox Architects, the state-of-the-art glass, steel and aluminum skyscraper skyscraper, modern building of great height, constructed on a steel skeleton. The form originated in the United States. Development of the Form
Many mechanical and structural developments in the last quarter of the 19th cent. will rise adjacent to The Durst Organization's flagship tower, the Conde Nast Building at Four Times Square, itself a pioneer in environmentally responsible development.
Attorneys for Bank of America were Skadden Arps, Slate, Meagher & Flom LLP LLP - Lower Layer Protocol . The Landlord, One Bryant Park LLC (Logical Link Control) See "LANs" under data link protocol.
LLC - Logical Link Control , was represented by the Durst Organization and the law firm of Patterson Belknap Webb & Tyler LLP.
As well as housing BOFA'S New York headquarters, One Bryant Park will provide a home for the reconstructed Henry Miller Theater, plus new subway entrances and an underground pedestrian walkway.