One Bryant Park (Bank of America Tower)Although the name Trump is usually the first to come up when speaking about Manhattan real estate, the Durst Organization has created an empire just as impressive as Trump and has remained one of the most prominent New York City Development firms since its founding in 1916. Durst is a highly respected firm due to its treatment of clients, professional nature, and trustworthy business practices. Little has changed in the organization concerning its mission and goal, as the organization has been passed down three generations of Durst family members. Today, the CEO and President is Douglas Durst, a quiet and reserved yet powerful man who has many connections in the real estate, economic, and political arenas.
As an employee of the Durst Organization this past summer, I was able to see the inner workings of the company. From this first hand experience, I learned a great deal about the company and saw the great impact which they have in the Manhattan real estate world on a daily basis. From making important deals with Mayor Bloomberg to setting records for the most expensive office space in Manhattan, the Durst Organization is a growing entity which shows no sign of slowing down.
After completing their biggest feat yet, the construction of 4 Times Square, home to Conde Nast Publishing and on the most desirable block of property in all of Manhattan, the organization began a joint venture with the Bank of America to create the Bank of America Tower. Both of these buildings are "Green Buildings," reflecting the dedication of the Durst Organization to "build green" by using recycled materials and "incorporating innovative, high-performance environmental technologies to promote the health and productivity of tenants, reduce waste and assure environmental sustainability." This commitment shows how the organization is moving into the new century with ease and can be labeled a "learning organization."
The Durst Organization assumed their initial power from the acquisition and development of land. As time passed, they began to form important relationships with public officials (i.e. NYC Mayors), the entertainment industry (i.e. Conde Nast), and other Real Estate Firms (i.e. Newmark). The military and political archetypes can be seen in these two aspects of the organization in that they find power in the relationships they form as well as the land which they acquire. In the present day, the success of the company lies more in the purchasing of existing buildings in order for demolition and new development to be possible. Therefore, the economic archetype is a dominant force in their business today.
An evolution in leadership style can be seen in the Durst Organization since its formation in the early 1900s. Most importantly, the organization has taken the culture and inserted it into their own goals and execution of their mission, the perfect example being the Bank of America tower in response to the great amount of pollution due to over development and overuse of economic resources in our world today.
