Industry playing game of watch this space

Real Estate Weekly, Sept 24, 2008 by Daniel Geiger

Bank of America could relocate part of Merrill to a 400,000 s/f office it has been planning to vacate in 114 West 47th Street. Bank of America is leaving the building to itself relocate to One Bryant Park, the new office tower it co-developed with the Durst Organization.

The lease it has at 114 West 47th Street stretches to 2014 and the bank had been planning to sublease this space. But because large firms typically prefer to have a campus of closely located spaces rather than operations scattered across the city, the bank may want to have Merrill close by.

The Durst Organization, which owns 114 West 47th Street, said that the bank hadn't yet approached them with such a plan.

"We've had no conversations with them regarding any of the recent events," said Tom Bow, an executive at the Durst Organization who handles leasing the company's space.

But experts say that Bank of America wouldn't openly discuss such an option yet, even if the move was something it was planning to do because it hasn't yet closed on its purchase of Merrill.