Bank of America expands its New York retail presence.Fresh off its $47 billion stock acquisition of FleetBoston Financial FleetBoston Financial was a Boston, Massachusetts-based bank created in 1999 by the merger of Fleet Financial Group and BankBoston. In 2004 it merged with Bank of America; all of its banks and branches were given the Bank of America logo. Corp., 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. is expanding its presence in the 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. market. The prominent financial institution has committed to more than 9,000 s/f of retail space at 1515 Broadway in Times Square and 731 Lexington Ave., the world headquarters of Bloomberg News. The CB Richard Ellis CB Richard Ellis Group, Inc. NYSE: CBG is a multinational real estate corporation currently based in Los Angeles, California, U.S.A.. On December 20, 2006, the corporation, also known as CBRE, completed acquisition of Trammell Crow Co. in a transaction valued at $2. retail services team of David LaPierre and David A. Green worked closely with Robert Alexander
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 tri-state operations, in negotiating the long term leases on behalf of Bank of America. Newmark New Spectrum represented the ownership of 1515 Broadway in the Times Square transaction, while Vornado Realty Trust Vornado Realty Trust (NYSE: VNO) is a New York based real estate investment trust. It is the inheritor of real estate formerly controlled by companies including Two Guys and Alexander's. , the ownership of 731 Lexington Ave., represented itself in the Bloomberg Building deal. Bank of America will gain tremendous visibility and an international presence with its 5,123 s/f retail lease at 1515 Broadway. The multi-faceted transaction required extremely complicated negotiations due to the zoning restrictions for financial institutions in the area. "It was challenging to overcome the hurdles in making the deal come to fruition, but the collaborative efforts among the landlord, tenant and brokers, as well as the many different disciplines related to the zoning issues helped make it a reality," said Mr. LaPierre. "Bank of America will gain tremendous exposure for its brand as it is ideally situated within one of the world's most highly visible locations." In the second transaction, Bank of America leased 4,199 s/f of retail space at Vornado Realty Trust's 731 Lexington Ave. The new bank branch will be located adjacent to word-famous Bloomingdale's department store and next door to the new Home Depot. According to Mr. LaPierre, "The space at 731 Lexington provides Bank of America a prime location to anchor the bottom of the Upper East Side. Close proximity to other retailers, as well as the significant amount of frontage and glass exposure the new branch will enjoy, will certainly help the bank make an impact in that market." |
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