Bank of America Plans New Times Square Office
By Rebecca Baird-Remba March 7, 2019 2:27 pm
reprints
Bank of America is expanding its footprint near Bryant Park with a new sublease at 1540 Broadway in Times Square.
The financial services company inked a 55,877-square-foot sublease with Viacom on the 29th and 30th floors of the 44-story building between West 45th and West 46th Streets, according to sources familiar with the deal and CoStar Group data. The length of the sublease and the asking rent weren’t disclosed.
Viacom originally leased 305,000 square feet across ten floors in the building in 2005, according to GlobeSt, but it has since put much of its space on the sublease market.
Scott Gottlieb, Ben Fastenberg and Jeff Frankel of CBRE (CBRE) represented Viacom in the deal. Ryan Alexander, also from CBRE, handled the subtenant side for Bank of America. Both sets of brokers declined to comment on the transaction. Spokespeople for Bank of America didn’t immediately return a request for comment.
Edge Fund Advisors and HSBC Alternative Investments Limited own the office portion of the 1.4-million-square-foot commercial condominium tower, and Vornado Realty Trust owns the retail floors.
Other tenants in the building include law firms Pillsbury Winthrop Shaw and Duane Morris, Forever 21, which has a massive 85,000-square-foot retail store across three floors, trade industry publisher Prometheus Global Media and software developer Adobe Systems.
In the past two years, Bank of America has also leased 127,000 square feet at 1114 Avenue of the Americas and 386,000 square feet at 1100 Avenue of the Americas . Both are across the street from the bank’s 1.8-million-square-foot office at One Bryant Park, also known as Bank of America Tower.
