Bank of America Tower

We’ve written about 1095 Sixth Avenue previously; the tower, owned by the Blackstone Group, sits across 42nd Street from LEED Platinum hopeful Bank of America Tower and is undergoing a two-year, $408.9 million renovation. Designed by Moed de Armas & Shannon Architects and Gensler, the entire shell of what was once the Verizon Building is being replaced, effectively creating an entirely new structure; the tower’s marble exterior is being replaced with an energy-efficient glass curtain wall. Unlike the Bank of America project, and despite its green features, 1095 Sixth Avenue is not seeking a LEED rating. Tishman Construction is the construction manager on the project.

Hedge fund HBK Investments, which last summer signed on for LEED Platinum hopeful Bank of America Tower's 40th floor at $135 per square foot, has officially terminated its commitment for 12,000 square feet of that space. The Dallas-based firm will still retain 24,000 square feet on the 40th floor and the Dursts will now seek to lease the freshly freed space for an incredible $185 per square foot. The only space in the building that remains in addition to HBK's former space is 30,000 square feet on the 37th floor, where the Dursts are asking the same rent; the family will consider partitioning either space into blocks for smaller tenants. According to Eric Engelhardt, one of Durst's vice presidents for leasing, "[t]here is a greater universe of smaller tenants looking for high end space." (To that end, note 510 Madison Avenue, where each full-floor block of space is less than 15,000 square feet and the Macklowes have only signed up one tenant to date after coming close to inking Apple a few weeks ago).

Last June, HSBC announced a five-year, $100 million partnership to address global climate change, agreeing to work with The Climate Group, Earthwatch Institute, Smithsonian Tropical Research Institute, and the World Wildlife Fund in order to quantify the impact of climate change on the world’s cities, forests, and rivers through extensive field research. Yesterday, sources told GlobeSt.com that the bank is close to continuing its sustainable efforts by leasing 300,000 square feet across seven of the final ten floors available at Larry Silverstein's LEED Gold 7 World Trade Center. Should the deal close, HSBC would likely sell its 500,000-square-foot headquarters tower at 452 Fifth Avenue in Midtown. Asking rents for the final ten floors at 7 WTC are hovering between $75 and $85 per square foot, and HSBC's deal is rumored to be "at term sheet at the moment."

The New York Observer reported earlier today that Al Gore's Generation Investment Management firm has finalized its lease for 5500 square feet on the 48th floor of the Durst Organization’s Bank of America Tower, which expects to receive the first-ever LEED Platinum rating for a commercial high-rise from USGBC. Asking rents at the Midtown tower, which was designed by Cook + Fox, had been hovering around $185/square foot; it’s unclear how much Gore’s firm agreed to pay for the space, but as of last July, this was the asking price for the only two remaining floors in the building. We've commented on the various factors (including the tower's sustainable design features) driving these incredible figures previously; recall that the most recent statistics from Cushman & Wakefield are an average of $93 per square foot for Class A space in Midtown.