Bank of America is set to significantly enlarge its presence at One Bryant Park, extending its occupancy to nearly the entire office component of the Midtown Manhattan tower that bears its name. According to multiple published reports, the bank has executed a 20-year lease covering the full office portion of the 51-story property, commonly known as the Bank of America Tower, along with select retail space within the building.
The financial institution has been an anchor tenant at One Bryant Park since the tower was completed in 2010. Under the new agreement, Bank of America will lease 2,400,000 square feet within the property through a triple-net lease structure. This arrangement places responsibility for all operating costs at One Bryant Park on the tenant, aligning occupancy with a long-term, expense-bearing commitment from the bank.
The total size of the building is reported at 2,440,000 square feet, meaning Bank of America will control almost the entire leasable footprint. The bank already occupies 1,800,000 square feet at the tower and will increase its control of the property by adding roughly 600,000 square feet of space. This expansion further consolidates the firm’s office presence in the building while formalizing a long-duration lease structure.
Retail uses at One Bryant Park are expected to remain active alongside the expanded office lease. Existing retailers, including Verizon and Starbucks, are reported to be staying in place at the property. These tenants will continue to operate within the building’s retail spaces even as Bank of America takes on a larger share of the office and some additional retail area.
Ownership of One Bryant Park is held in a joint venture between Bank of America and The Durst Organization. The reports note that the bank, as a co-owner, is entering into the new office lease within this ownership structure. The long-term, triple-net lease is expected to define the property’s occupancy profile for the next two decades, with the anchor tenant both owning an interest in and leasing the building’s office space.
As part of the new arrangement, Bank of America plans to sublease a portion of its space in the tower to other companies that already maintain offices in the building. These prospective subtenants would remain within One Bryant Park while occupying space leased directly by the bank. Specific details about how much space will be subleased, the terms for subtenants, or the timing of sublease activity were not disclosed in the available reports.
