Bank of America plans to consolidate the majority of its 2,995 employees from five locations in Manhattan in the new building in 2008, and projects the creation of more than 2,800 jobs over the term of the deal. Bank of America will become the primary tenant on a 20-year lease occupying more than a million sf.
"This project will provide a tremendous return to the City, in terms of both jobs and revenue, which far outweighs the costs of the benefits, " IDA Chairman Andrew M. Alper says.
The building will rise adjacent Durst's flagship Condé Nast Building at Four Times Square. 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.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.