The building will rise adjacent to Durst's flagship Condé Nast Building at Four Times Square. One Bryant Park will extend along 42nd Street to Avenue of the Americas, diagonally across from Bryant Park. The 51-story skyscraper will also include a variety of conservation and environmental advances, from water conservation using rain runoff and gray water recycling, to wind turbines and co-generation of power and cooling. The architectural firm of Cook + Fox designed One Bryant Park.

Demolition is expected to begin next spring and 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.

The agreement is currently in escrow, pending various final governmental approvals of funding and other proceedings to facilitate the project. Bank of America will provide financing for the construction and permanent loans. The project is also waiting for Liberty Bond approval. It is estimated the project could cost upwards of $1 billion. The leasing program will be under the direction of Thomas Bow, senior vice president of leasing for Durst.

"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," Douglas Durst says in a statement.