Bank of America has agreed to sign a long-term lease to occupy 152,000 sq. ft. in the 34-story office building at 40 W. 57th Street in New York. The Charlotte, N.C.-based bank will lease floors 28 to 34 in the building, which is owned by New York-based The Lefrak Organization, after a tenant buildout is completed in October.
According to Insignia/ESG, which represented Lefrak, the agreement is the largest contiguous deal signed in Midtown Manhattan so far this year. Jones Lang LaSalle represented Bank of America. Terms of the deal were not disclosed. Asking rents in the building average in the mid-$60s per square foot.
There are $30 million in capital improvements under way at the property, including new elevators, installation of an HVAC system, lobby renovations, facade improvements and other renovations. The tenant roster at the building includes Wells Fargo, International Creative Management, Nautica Enterprises and Infinity Broadcasting Group.