Bank of America Corp. is plotting a major expansion at One Bryant Park in midtown Manhattan, where it’s already the anchor tenant.
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The company has agreed to a 20-year lease for the entire office portion and some retail space at the 51-story property, according to an emailed statement. It’s a triple-net agreement, meaning the tenant is responsible for property taxes, insurance and maintenance costs.
Bank of America, which owns a stake in One Bryant Park in a joint venture with the Durst Organization, already leases roughly 1.8 million square feet (167,200 square meters) there, according to CoStar Group Inc.
With the new deal, the bank will occupy 2.4 million square feet of the 2.44 million-square-foot tower. Retail tenants including Verizon and Starbucks will remain at the building. Bank of America will sublease some office space to other existing tenants.
“One Bryant Park is a critical hub and cornerstone for our global business,” José Tavarez, president of Bank of America New York City, said in the statement. “We look forward to continuing to invest in the city’s future — strengthening its role as a global economic and innovation powerhouse.”
The bank has been building a campus around the tower, leasing space at nearby Two Bryant Park and the Grace Building.
The move comes as other major finance firms also have committed to large swaths of office space in New York. Late last year, JPMorgan Chase & Co. started moving employees into its new Midtown megatower at 270 Park Ave. With other space it owns or leases, JPMorgan has almost 6 million square feet of office space in the span of a few blocks.
Three weeks ago, American Express Co. announced plans to build a new headquarters, with nearly 2 million square feet across 55 stories at 2 World Trade Center in lower Manhattan. And Citadel’s Ken Griffin is moving ahead with plans for a new Park Avenue tower.
One Bryant Park, which started construction in 2004, was completed in 2010.
“Bank of America has been our partner and the anchor tenant at the building from the beginning, and we are proud that the bank will expand in the building,” Jody Durst, president of the Durst Organization, said in an emailed statement.
