Bank of America Corp (NYSE: BAC) Seeking 1 Million Sq Feet of New York Office Space
Bank of America Corp (NYSE: BAC) is seeking to add about 1 million square feet of office space I nNew York City and may consider 1 World Trade Center, according to a report from Bloomberg.
The bank put out requests to landlords in lower and midtown Manhattan. The Port Authority of New York and New Jersey, whose 1 World Trade Center will replace the towers which were destroyed in the September 11th, 2001 terror attacks, were asked for a proposal, said anonymous sources to Bloomberg.
The request from Bank of America Corp (NYSE: BAC) suggests that the project is overcoming weak demand for office space and is also overcoming the concern that the site might become a target for future attacks. Earlier in the month, Conde Nast agreed to take on more than 1/3rd of the 2.6 million square foot tower while federal and state agencies have committed to about 1.1 million square feet.
“We will continue to have a presence in both Downtown and Midtown, but the current footprint in each may change depending on business needs and market opportunities,” said Bank of America spokeswoman Kelli Cishek said in a statement. The New York-based bank regularly reviews space needs “while providing productive and safe work environments for our associates.”
Bank of America Corporation is a bank holding company, and a financial holding company. The Company is a financial institution, serving individual consumers, small and middle market businesses, large corporations and governments with a range of banking, investing, asset management and other financial and risk management products and services. Through its banking subsidiaries (the Banks) and various nonbanking subsidiaries throughout the United States and in selected international markets, it provides a range of banking and nonbanking financial services and products through six business segments: Deposits, Global Card Services, Home Loans & Insurance, Global Banking, Global Markets, Global Wealth & Investment Management (GWIM), with the remaining operations recorded in All Other. On January 1, 2009, the Company completed the acquisition of Merrill Lynch.
Shares of Bank of America Corp (NYSE: BAC) traded down 0.95% on Monday hitting $12.52 during mid-day trading.