Bank of America has agreed to anchor a midtown Manhattan office development near Times Square. The 2.1 million sq. ft. office tower to be called One Bryant Park will be developed by the Durst Organization. There currently are several low-rise buildings on the site, but demolition is expected to begin spring 2004.

Bank of America will lease more than 1 million sq. ft. for 20 years at the site as its New York City headquarters. Occupancy will begin in 2008. The bank is providing Durst with financing for the construction and permanent loans.