Page 1 of 255 123451151101 ... LastLast
Results 1 to 15 of 3814

Thread: The Bank of America Tower a.k.a. One Bryant Park - by Cook + Fox Architects

  1. #1

    Default The Bank of America Tower a.k.a. One Bryant Park - by Cook + Fox Architects

    NY Post...

    B OF A LIKELY BANKING ON N.Y. TOWER

    By STEVE CUOZZO

    February 25, 2003 -- THERE is a ray of hope for Larry Silverstein and others wondering when they'll next see a tenant big enough to support development of a large new office tower.

    Multiple sources tell us that Bank of America is quietly testing the waters for a signature, 1990s-style headquarters project like those of AOL Time Warner, Bear Stearns or Bloomberg L.P.

    Nothing would happen for several years. But BofA's lease at 9 W. 57th St., where it has about 700,000 square feet, is up in 2008 - more than enough time to strike a deal. Manhattan has a half-dozen potential development sites, starting of course with Ground Zero.

    BofA is the rare financial company that is growing rather than shrinking. It expanded in Manhattan last summer, adding 150,000 square feet at the Lefrak organization's 40 W. 57th St., across the street from 9 W. 57th.

    Intriguingly, sources say, the bank's lease at 40 W. 57th contains an "escape clause" that gives it the option of bailing out there when its lease expires at 9 W. 57th - a way of holding the door open to a jumbo consolidation elsewhere.

    We put the scenario to BofA's broker, Jones Lang LaSalle New York president Peter Riguardi. He would say only: "They are obviously one of the leading financial institutions. Like any leading financial institution, they are always strategically looking at their real estate options, particularly in a market like New York City."

  2. #2
    Forum Veteran
    Join Date
    Jan 2003
    Location
    Garden City, LI
    Posts
    1,778

    Default Future tower for Bank of America

    I guess they would go Midtown, but it would be sweet if they wanted to build a mil+ sq. ft. tower downtown.

    They should, it seems the B of A tower is always the tallest (or prominent) tower in other cities. *

  3. #3
    Senior Member
    Join Date
    Jan 2003
    Location
    New York City
    Posts
    297

    Default Future tower for Bank of America

    Yes, B of A probably has the most skyscrapers in America and possibly the World.

  4. #4

    Default Future tower for Bank of America

    It is possible that Citigroup has more towers. *I know of at least four in New York - Citicorp in Manhattan, Citybank in Queens, a little known skyscraper on Park and 53rd that recently changed hands for $1BN, and the old Travelers umbrella building on Greenwich St.
    Given that it is the largest finance company in America (Bigger than BofA), they probably have more buildings.

  5. #5
    Forum Veteran
    Join Date
    Nov 2002
    Location
    New York City
    Posts
    3,298

    Default Future tower for Bank of America

    Citicorp isn't just the largest bank in America. *It's the largest bank in the world. *Assets-wise, that is.

  6. #6

    Default Future tower for Bank of America

    I think that Deutsche Banc has a larger asset base than Citigroup. *Additionally, some Japanese banks (I believe IBJ) have asset bases over $1 Trillion.
    But Citigroup is definitely the most profitable of all of them. *In fact, it's probably more profitable than the three biggest banks combined.

  7. #7
    Forum Veteran
    Join Date
    Feb 2003
    Location
    New York City
    Posts
    1,752

    Default Future tower for Bank of America

    This is great news. *The Bank of America building in Seattle is a sleek black tower. *The tallest in the city :-)

    Another interesting scenario could be the NYSE building that was supposed to be built that got canned right after 911. *Anyone know about where this is at?

  8. #8

    Default Future tower for Bank of America

    Pics?

  9. #9
    Forum Veteran
    Join Date
    Feb 2003
    Location
    New York City
    Posts
    1,752

  10. #10

    Default Future tower for Bank of America

    CitiBank is definitly not the world's largest bank. *There are a number of european and Japanese banks that are much larger. *Of course, those countries do not have the same number of banks per capita as the US does.

  11. #11
    Forum Veteran
    Join Date
    Nov 2002
    Location
    New York City
    Posts
    3,298

    Default Future tower for Bank of America

    Quote: from James_Kovata on 6:05 am on Mar. 1, 2003
    CitiBank is definitly not the world's largest bank. *There are a number of european and Japanese banks that are much larger. *Of course, those countries do not have the same number of banks per capita as the US does.
    CitiBank definitely isn't. *CitiBank is just one corporation in Citicorp, which as an umbrella organization has more assets than any other bank in the world.

  12. #12
    Forum Veteran
    Join Date
    Nov 2002
    Location
    New York City
    Posts
    3,298

    Default Future tower for Bank of America

    Quote: from James_Kovata on 6:05 am on Mar. 1, 2003
    CitiBank is definitly not the world's largest bank. *There are a number of european and Japanese banks that are much larger. *Of course, those countries do not have the same number of banks per capita as the US does.
    CitiBank definitely isn't. *CitiBank is just one corporation in Citicorp, which as an umbrella organization has more assets than any other bank in the world.

  13. #13

    Default Future tower for Bank of America

    Hey guys, i'm new to the board but i've read it for a while and just wanted to clarify some things here. *The international institution you want to refer to is called CITIGROUP and it is NOT the worlds largest banking institution. *That title belongs to *Mizuho Financial Group based in Tokyo, which has well over a 100 billion dollars more in total assets than CITIGROUP. *But CITIGROUP is number two, and it happens to be number one in tier one assets, if that makes you happy. *Bank of America is the second largest bank in the U.S. behind CITIGROUP, and ranks number two in tier one assets, and is in the top ten overall.

    Also, although i don't know who technically has more skyscrapers, i can tell you that Bank of America has towers throughout the south and the west, including the tallest towers in many cities. *In addition to Seattle, Bank of America Plaza in Dallas is the tallest in the city at 921 ft. *And Bank of America Plaza in Atlanta is the tallest building in the southeastern United States and stands 1,023 ft. *Both of which i believe top over Citicorp Center's 915 ft.

  14. #14
    Forum Veteran
    Join Date
    Nov 2002
    Location
    New York City
    Posts
    3,298

    Default Future tower for Bank of America

    ::shrug:: *OK, so I was misinformed. *Sorry about that =\

    Isn't BOA Plaza in Atlanta taller than any other building in the US outside of New York and Chicago? *I'm sure that Library Tower in Los Angeles is actually a few feet shorter.

    And there's also BOA Corporate Center in Charlotte, which IMHO is one of the most gorgeous postmodern buildings in the world. *Its massing, and particularly its absolutely wild crown, reminds me of 570 Lexington here in New York. *I wouldn't be surprised if that's where Cesar Pelli drew his inspiration.

    So this BOA Tower...considering that they're considering a headquarters building along the lines of AOL-TW and Bloomberg, as the article said, do you think it's a strong possibility that they would propose some sort of mixed-use project?

  15. #15

    Default Future tower for Bank of America

    http://www.nytimes.com/2003/03/12/nyregion/12DEVE.html

    Bank of America Is Scouting Midtown as New Headquarters
    By CHARLES V. BAGLI

    Bank of America is working on tentative plans for a new headquarters in Midtown Manhattan, possibly on 42nd Street, New York's boulevard of dreams. The prospect is causing enthusiasm bordering on giddiness among developers and state and city officials.

    The bank, which has thousands of employees at several Manhattan locations, has been meeting in recent weeks with developers like Douglas Durst of the Durst Organization and Richard Clark of Brookfield Financial Properties, as well as public officials, to discuss its search for a new one-million-square-foot home.

    But the prospect of a new skyscraper is one of the few bright spots in an otherwise gloomy picture, with companies shedding employees and the vacancy rate more than doubling in the last two years. Analysts say that New York clearly remains an important international capital but that the weak state of the real estate market throws dark shadows over the city's plans for commercial development downtown and on the far west side of Manhattan.

    "They're betting on a demand that just isn't there," said Emanuel Tobier, a professor of economics and urban planning at New York University. "It's excessively rosy. We don't want to end up with a bunch of white elephants."

    In recent weeks, the city has been stung by news that New York Life, the insurance company, is moving 1,000 employees to Westchester from Madison Avenue, as part of a trend to disperse corporate offices in the wake of the attack on the World Trade Center. In a cost-cutting move, Philip Morris USA is relocating its longtime headquarters and 682 jobs from Park Avenue to Richmond, Va.

    AIG, the insurance giant, is moving 800 jobs to Jersey City from Lower Manhattan, where it is one of the largest employers, with a current work force of 6,024.

    So it is no surprise, one state official said, that public officials and the real estate industry are excited about Bank of America's plans, even if the bank does not even want to move into a new home until 2007. After all, Bank of America is growing, unlike most of the major commercial and investment banks in the city. Indeed, an analyst at Lehman Brothers estimates that an additional 20,000 commodity and security brokers in the city will lose their jobs over the next year or so.

    Peter G. Riguardi, president of Jones Lang LaSalle, a real estate company working for the bank, declined to comment.

    But one real estate executive who has met with the bank's real estate team said, "They appear to be very serious about consolidation and going into a new development."

    One developer added that the bank was trying to take advantage of a weak real estate market to make a deal. "They want a world-class headquarters at a bargain-basement price," he said.

    The bank, which leases space at 9 West 57th Street and several other locations, has talked to Brookfield Financial Properties about the tower Brookfield is building at Madison Avenue and 42nd Street. The Canadian Imperial Bank of Commerce, which was supposed to occupy the entire building, has decided to take only 375,000 square feet and sublease the remaining 765,000.

    A more likely candidate for a site, city and state officials said, is at 42nd Street and the Avenue of the Americas, where Douglas Durst has long wanted to build a skyscraper. The two sides have met several times and Mr. Durst has asked state officials if they would condemn a handful of properties he does not already own on the block.

    The bank is paying some of the highest rents in the city, real estate brokers said, and could easily move into a new building at a lower rent. But even at the peak of the city's real estate boom, in 2000, Mr. Durst and other developers found it hard to snare a major tenant. It is unclear, the brokers said, whether Bank of America will make a deal.

    Whatever happens, Bank of America has established itself as an exceptional tenant in the current market, where many corporations are cutting payrolls and office space. According to Cushman & Wakefield, vacant office space in Manhattan today totals 47.7 million square feet, the equivalent of more than 20 Empire State Buildings.

    Real estate brokers say more space has come on the market than has been leased in the last year. The law firm of Pillsbury Winthrop, for instance, is close to leasing 200,000 square feet at the Bertelsmann Building in Times Square. When it does, it will leave behind a similar-size space downtown, where it had made its home for almost 150 years.

    Few analysts expect that downtown space to fill up soon, especially since the financial industry, one of the city's most important economic engines, is shrinking and sending more jobs outside Manhattan. For that reason, David Shulman, a real estate analyst for Lehman Brothers, described plans to build new office towers as "a bit exuberant."

    In a speech to the New York City Partnership last week, Larry A. Silverstein, who took the lease on the World Trade Center towers just before they were destroyed by terrorists in September 2001, said he expected to complete the first two-million-square-foot tower at the site in 2008, followed by four more two-million-square-foot office buildings.

    And Deputy Mayor Daniel L. Doctoroff hopes to redevelop the far West Side of Manhattan, with plans calling for another five million square feet of office space in that neighborhood between 2010 and 2014.

    City officials and some developers say that when a turnaround comes, they expect the city's economy to rebound as quickly as it did in the 1990's, when according to Insignia ESG, a real estate broker, the amount of vacant space in the city dropped from 51.8 million square feet in 1996 to 17.8 million in 2001 as companies expanded. But during what was arguably the biggest real estate boom in city history, only seven office towers were built.

Page 1 of 255 123451151101 ... LastLast

Similar Threads

  1. Bryant Park
    By Kris in forum New York City Guide For New Yorkers
    Replies: 144
    Last Post: June 23rd, 2015, 10:35 PM
  2. Replies: 51
    Last Post: February 22nd, 2014, 10:01 PM
  3. The Porter House - 366 West 15th - Conversion/Addition by SHoP Architects
    By Kris in forum New York Skyscrapers and Architecture
    Replies: 20
    Last Post: February 1st, 2005, 02:37 PM
  4. Director's Guild of America Tower -110 West 57th Street
    By londonlawyer in forum New York Real Estate
    Replies: 4
    Last Post: July 18th, 2003, 11:37 AM
  5. Harlem Health Center - Perkins Eastman Architects
    By Derek2k3 in forum New York Real Estate
    Replies: 2
    Last Post: March 25th, 2003, 08:59 PM

Tags for this Thread

Bookmarks

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •  


Google+ - Facebook - Twitter - Meetup

Edward's photos on Flickr - Wired New York on Flickr - In Queens - In Red Hook - Bryant Park - SQL Backup Software