The bank will retain 750,000 square feet of office space in the building, approximately one-sixth of its current lease, unidentified sources at BoA told Bloomberg.
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According to unnamed sources, the signing of a new lease may only be a few months away.
BoA’s current lease for 4.6 million square feet on the site is due to run out in 2013. The lease was inherited when BoA took over Merrill Lynch & Co during the financial crisis.
The World Financial Center contains approximately eight million square feet of office space, with BoA currently leasing over half.
Designed by famed architect Cesar Pelli, the World Financial Center was built between 1985 and 1988. The entire site is owned by Brookfield Properties except for a space owned by American Express. Brookfield Properties also uses the space as its headquarters.
The complex was severely damaged during the 911 terrorist attacks. The Winter Garden was especially damaged but has since been extensively repaired.
Additionally, Nomura Holdings are to depart from the building and move to Worldwide Plaza. The Japanese investment bank has signed a 20-year lease at Worldwide Plaza for 900,000 square feet of office space. This represents 20 floors of the 1.8 million square foot building.
The Wall Street Journal’s Craig Karmin described the move as “a big score for Worldwide Plaza”.
Nomura’s move means that now Worldwide Plaza has an occupancy rate of 95 per cent.
In 2008 Nomura purchased the bankrupt Lehman Brothers’ investment banking and equities Asian outfit for USD 225 million.
Editor’s notes: The name World Financial Center was changed to Brookfield Place in 2014 following a major renovation by the landlord. Although Merrill Lynch still lists its New York address as 4 World Financial Center as its New York office address on its website.
As of June 2023, tenants of the complex on Vesey Street include Scotiabank, the New York County District Attorney’s Office, and Jane Street Capital.
Bank Of America’s New York office is referred to as the Bank of America Financial Center and the Bank of America Tower at One Bryant Park.
As of June 2023, Nomura’s New York office was at Worldwide Plaza 309 West 49th Street.