Bank of America Corp. is expanding its footprint at One Bryant Park in midtown Manhattan by leasing the entire office portion of the 51-story tower under a 20-year triple-net agreement. The bank, already the anchor tenant, will occupy 2.4 million square feet of the 2.44 million-square-foot building, up from its current 1.8 million square feet. Retail tenants including Verizon and Starbucks will remain.

This expansion comes as the bank builds a campus around the tower, having already leased space at nearby Two Bryant Park and the Grace Building. The triple-net lease structure means Bank of America will handle property taxes, insurance, and maintenance costs. The company owns a stake in One Bryant Park through a joint venture with the Durst Organization, which developed the property that began construction in 2004 and was completed in 2010.

Bank of America's commitment follows similar moves by other major financial institutions in New York. JPMorgan Chase & Co. has nearly 6 million square feet of office space in the area, including its new Midtown megatower at 270 Park Ave. Meanwhile, American Express Co. plans a new headquarters at 2 World Trade Center, and Citadel's Ken Griffin is developing a Park Avenue tower. These expansions signal confidence in New York's commercial real estate market despite post-pandemic uncertainty about office occupancy.