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Bank of America signs 190K sf renewal at Brookfield Place
The firm signed a 15-year deal for four floors
Bank of America completed an early renewal for four floors at Brookfield Place in Lower Manhattan, sources told The Real Deal.
The company signed a deal for 189,124 square feet across floors 37 to 40 at Brookfield Property Partners’ 225 Liberty Street. Bank of America last renewed its lease in 2011, when the 44-story building was still known as 2 World Financial Center. That lease was set to expire in September 2020.
Bank of America’s new 15-year deal closed in conjunction with a pair of massive transactions in Bryant Park. The firm recently completed a 127,000 square foot lease at Brookfield and the Swig Company’s 1114 Sixth Avenue, also known as the Grace Building. That was on top of the firm’s 386,000 square foot deal next door, at 1100 Sixth Avenue. The transactions allowed Bank of America to consolidate its offices into a Midtown campus, and boosted the bank’s total footprint in the Bryant Park area to over 500,000 square feet.
The Brookfield Place lease was completed in December but has been unreported.
Bank of America’s leasing spree comes at the tail end of a strong fourth quarter. During the last three months of 2017, the bank beat analyst expectations and posted a $2.4 billion profit in spite of a one-time $2.9 billion charge related to the Trump administration’s new tax law, CNBC reported. For the entirety of 2017, the firm generated $21.2 billion in profits, its best year since the financial crisis years of 2008 and 2009.
CBRE’s Ryan Alexander, Emily Jones, Ramneek Rikhy, Christopher Hogan and Robert Alexander represented Bank of America in the Downtown and Midtown transactions.