The Durst Organization is gearing up for a major makeover at its 26-story Midtown office tower at 114 West 47th Street, readying as much as 525,000 square feet to pitch to tenants. The company expects to spend in the tens of millions of dollars on the refresh, aiming to reposition the building for asking rents in the $110 to $135 per square foot range while rolling out upgraded lobby and amenity spaces.
As reported by the New York Post, Durst has tapped HOK to design the overhaul and is launching a marketing push that could make about 525,000 square feet available either immediately or by early 2028. Durst leasing executive Eric Engelhardt told the Post the work could run "tens of millions" and that ownership is targeting asking rents of roughly $110 to $135 per square foot. Engelhardt also said the ground-floor restaurant Langan’s will not be touched by the construction. In the same piece, Mary Ann Tighe is quoted saying the building "offers an ideal location combined with quality, sustainability, and stewardship."
Building basics and who’s handling leasing
According to The Durst Organization, 114 West 47th Street is a roughly 658,000-square-foot, LEED Gold office tower on Corporate Row, with tenants that include Bank of America Private Wealth Management, Convene and IFM Investors. Durst’s leasing portal lists Tom Bow and Rocco Romeo on the in-house team handling availabilities and highlights DurstReady suites and floorplans marketed for quick move-in.
Bank of America’s pullback creates space
The New York Post reports that Bank of America Private Banking will give back roughly 350,000 square feet when its lease steps down in February 2028, potentially freeing up a large run of lower to mid-rise floors for a single user. When that block is combined with seven currently vacant floors totaling about 175,000 square feet, Durst can offer the kind of sizable contiguous space that big corporate occupiers like to see.
Where rents and demand stand
CBRE's Q1 2026 office report shows asking rents on the rise and net absorption in positive territory. At the same time, Colliers reports that Midtown demand remains solid, with Class A asking rents sitting well above citywide averages. In that environment, Durst’s $110 to $135 goal for a freshly renovated, terrace-heavy Midtown building lines up with what landlords are chasing for higher-end tenants.
Durst’s upgrade playbook
Durst’s strategy here follows a familiar script. The company has a history of putting serious capital into building repositionings, from lobby and elevator upgrades to mechanical work and terrace activations, a pattern outlined in Commercial Observer's coverage of its refinancing and capital projects. That same playbook is what Durst is leaning on as it prepares to court both local and national tenants for the revamped space.
What to watch
Market watchers will be paying attention to whether Durst can land a single headquarters-style tenant for the combined block or instead chops it up into smaller, modernized floors. Either scenario would send a clear signal about how competitive amenity-rich Midtown space really is at triple-digit rents. For now, Durst is leading with revamped lobbies, new elevator cabs, terraces and a tenant lounge as the key reasons for companies to pay up for a Midtown address on West 47th Street.
