FOR IMMEDIATE RELEASE
August 2, 2004
MAYOR MICHAEL R. BLOOMBERG AND GOVERNOR GEORGE E. PATAKI JOIN BANK OF AMERICA AND THE DURST ORGANIZATION TO BREAK GROUND ON BANK OF AMERICA TOWER AT ONE BRYANT PARK IN NEW YORK CITY
52-Story, 2.1 Million-Square-Foot Skyscraper Will Also Provide Home for Historic, Rebuilt Henry Miller Theater, As Well as New Subway Entrances and an Underground Pedestrian Walkway
Mayor Michael R. Bloomberg and Governor George E. Pataki today joined Bank of America and The Durst Organization to break ground on the construction of the Bank of America Tower at One Bryant Park, a 945-foot-tall crystalline skyscraper that will rise in Midtown Manhattan. Located on the west side of Sixth Avenue between 42nd and 43rd Streets, the high-rise office tower will serve as the headquarters for Bank of America's operations in New York City and house its global corporate and investment banking, wealth and investment management and consumer and commercial banking businesses. The bank will occupy roughly half of the 2.1 million square foot structure and operate six major trading floors ranging in size from 43,000 to 99,000 square feet. The high-rise office tower is scheduled to open in 2008. Andrew Alper, President of the New York City Economic Development Corporation and Charles Gargano, Chairman of the New York State Empire State Development Corporation, also attended the announcement.
"The magnificent new Bank of America Tower is the latest chapter in the revitalization of Bryant Park and will strengthen New York City's position as the financial capital of the world," said Mayor Bloomberg. "This bold and dynamic project will create nearly 7,000 construction jobs, and over the next 25 years, 3,000 new jobs that will generate more than $1 billion in tax revenue for the City. Our 5-borough economic development strategy is making the City more livable and business-friendly so that businesses locate here, and the creation of this new 52-story building shows that it is working. I would like to thank Bank of America and the Durst Organization for their commitment to this important project and to New York City."
"Today's groundbreaking is an exciting day for the entire City. Bank of America's commitment to build this magnificent new skyscraper will not only keep over 3,000 jobs in New York, it will lead to the creation of thousands of new jobs for New Yorkers in the future," said Governor Pataki. "The new Tower, and the thousands of new jobs being created, stand as a testament to the unprecedented tax cuts and policies we have enacted to improve the City's business climate and ensure it continues to remain the financial capital of the world."
"The new Bank of America Tower will be situated prominently in the Manhattan skyline, and will represent our strong, long-term commitment to New York City and our customers around the world," said Kenneth D. Lewis, president and CEO of Bank of America. "This new building, in addition to our 34 new Bank of America banking centers, underscores our plan to become an even bigger part of the New York community in the years ahead. We appreciate all that the State and the City of New York have done to make this possible. I also give enormous credit to our partners in this major project, Douglas and Jody Durst, co-presidents of The Durst Organization. Their patience and vision for developing this property is resulting in a landmark building that will make an enormous contribution to this part of the City."
Located on the largest development site in Midtown Manhattan, the Bank of America Tower will house the 1.1-million-square-foot headquarters for the New York operations of Bank of America and the 50,000-square-foot restored and reconstructed Henry Miller Theater, as well as 1 million square feet of office space for other tenants. The $1 billion project - co-developed by Bank of America and The Durst Organization - will rise adjacent to The Durst Organization's flagship tower, the Condé Nast Building at Four Times Square. Bank of America has committed to a 20-year lease for its space.
The project will be financed in part by $650 million in Liberty Bonds, a joint City-State program intended to revitalize Lower Manhattan and all of New York City. The City will also provide sales tax exemptions and energy discounts to the bank to support the creation of new jobs.
"By providing an opportunity for one of the world's foremost financial service institutions to increase its commitment to New York, the Bank of America Tower at One Bryant Park already is making an important contribution to New York and demonstrates to the world the vitality of our city," said Douglas Durst, co-president of The Durst Organization. "We look forward to a long, mutually satisfying relationship and to creating not just a spectacular visual experience, but also the most environmentally responsible building possible."
"This is an excellent use of the Liberty Bond Program because it brings jobs and investment to New York City," said Andrew Alper. "By working with Bank of America to accommodate the spatial needs for its New York operations, including the creation of a state-of-the-art global securities trading headquarters, we help strengthen the City's position as the premier location for the financial services industry and provide enormous benefits for New York City."
"Bank of America and the Durst Organization are making a remarkable investment - an investment that will provide a strong economic stimulus to this area for years to come," said Charles Gargano. "Their commitment is both fresh testimony to New York's continued attraction as the hub of world finance, and a reaffirmation of the wisdom of Governor Pataki's rebirth and redevelopment of 42nd Street."
Designed by Cook+Fox Architects, LLP of New York, the glass, steel and aluminum skyscraper is inspired by the famed Crystal Palace, the first glass and steel building in America, erected in neighboring Bryant Park in 1853. Bank of America Tower will be the world's most environmentally responsible high-rise office building and the first to strive for the U.S. Green Building Council's Leadership in Energy & Environmental Design (LEED) Platinum designation.
"The transparent faceted surfaces of the building function as a permeable membrane for shifting qualities of perception and light," said Richard Cook, partner at Cook+Fox Architects. "Embodied within this clear glass skin is something organic in nature, something which echoes not only the kinetic movement and energy from the streets below but also the dynamic and crystalline structure of forms encountered in the natural world."
With an emphasis on sustainability, water efficiency, indoor environmental quality, and energy and atmosphere, the Bank of America Tower will be constructed largely of recycled and recyclable building materials. It will feature a wide range of sophisticated environmental technologies, from filtered under-floor displacement air ventilation to advanced double-wall technology and translucent insulating glass in floor-to-ceiling windows that permit maximum daylight and optimum views. It also will include a state-of-the-art onsite 4.6-megawatt co-generation plant, providing a clean, efficient power source for the building's energy requirements.
Cook+Fox Architects will also restore and reconstruct the historic Henry Miller Theater, with the goal of creating a state-of-the-art Broadway playhouse that captures the intimacy and proportions of the original 1918 Allen, Ingalls & Hoffman Theater. The Georgian-style land marked façade will be preserved and restored, the oval reception room, doors and decorative plasterwork, including the iconic urns marking the 43rd Street entrance, will be salvaged and incorporated into the new design.
With approximately three times the public circulation space required by an as-of-right high-rise office building, the Bank of America Tower will accommodate and contribute to the surrounding pedestrian and transit circulation. Public amenities will include widened sidewalks, public street furniture and an urban garden room located at 43rd Street and Sixth Avenue, which serves as an inviting extension of Bryant Park.
The design also incorporates a new glass-enclosed subway entrance with wider stairs and an elevator at 42nd Street on the southeast corner of Sixth Avenue. An underground pedestrian walkway on the north side of 42nd Street will link the B, D and F subway lines to the Times Square station and a new mid-block subway entrance on 42nd Street will connect to the below-grade walkway, in addition to a special through-block passageway featuring a "Broadway Wall of Fame" with interactive information kiosks.
Edward Skyler / Robert Lawson (212) 788-2958
Tara Burke (Bank of America) (212) 847-6488
John Puccio (RF|Binder Partners) (212) 994-7533
Michael Sherman (EDC) (212) 312-3523
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