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Bank of America Tower Pierces Rate Skyline

Published Monday, October 01, 2007

Defying conventional wisdom that $100 per sq. ft. might be too steep for commercial office rents in the current real estate climate, the Bank of America Tower under construction in Manhattan is 98% leased up, according to developers, at rates that exceed $100 per sq. ft. on lower floors and $185 per sq. ft. near the top. The $1.3 billion, 55-story building, which will be Manhattan's second tallest behind the Empire State Building, is already drawing crowds as it juts onto the New York skyline. The Class-A structure is on target for completion in May 2008. BOA, which ...

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