Bank of America Banks on ‘Green’ Tower in New York
Bank of America has signed an agreement with The Durst Organization to develop the first major midtown Manhattan office project of the new century, which it promises to be a green development. Read More
Bank of America has signed an agreement with The Durst Organization to develop the first major midtown Manhattan office project of the new century, which it promises to be a green development.
Under the agreement, Bank of America and Durst will co-develop the 2.1-million-square-foot Bank of America Tower on West 42nd Street. B of A will become the tower’s primary tenant, establishing its headquarters there for its New York-based businesses and occupying more than one million square feet.
The signing was announced by Carter McClelland, president of Banc of America Securities and New York market president for Bank of America, and Douglas Durst and Jody Durst,. The agreement is in escrow, pending various final governmental approvals of funding and other proceedings to facilitate the project.
The 51-story skyscraper will include a variety of leading-edge conservation and environmental advances, from water conservation using rain runoff and gray water recycling, to wind turbines and co-generation of power and cooling.
“More than 500 professionals and staff from more than 70 consulting and professional firms and five law firms have been going full speed on this project for many months, working 60-hour weeks in some cases,” said Douglas Durst, co-president of The Durst Organization. “It’s been a colossal effort to ensure a project that will have an enormously beneficial impact on our city’s economy.”
The building will rise adjacent to The Durst Organization’s flagship tower, the Conde Nast Building at Four Times Square, home of the Conde Nast publishing empire and the law firm Skadden, Arps, Slate, Meagher & Flom. One Bryant Park will extend along 42nd Street to Avenue of the Americas, diagonally across from Bryant Park.
Demolition on the site is expected to begin in spring 2004. Occupancy is anticipated for early in 2008, when Bank of America will move its associates into the new tower under terms of a 20-year lease.
“To say we’re excited about our plans to construct a Bank of America tower in the heart of New York would be an understatement,” said Mr. McClelland. “This new building symbolizes our commitment to having a significant, long- term presence in a key business market and the financial capital of the world.”
Mr. McClelland added: “We are pleased to be partnering in the project with The Durst Organization, which is well-known in New York for its innovative, environmentally-sensitive approach to building landmark office towers. We’re also extremely grateful for the support we have received from the city and state, which has made this major new development possible.”
