BNY Mellon Reaches Agreement to Sell Headquarters

BNY Mellon has reached an agreement to sell its headquarters, the 1 Wall Street office building in lower Manhattan, for $585 million to a joint venture led by Macklowe Properties, with the sale brokered by CBRE and expected to be completed in the third quarter of 2014.
By Jake Safane(2147484770)
BNY Mellon has reached an agreement to sell its headquarters, the 1 Wall Street office building in lower Manhattan, for $585 million to a joint venture led by Macklowe Properties, with the sale brokered by CBRE and expected to be completed in the third quarter of 2014.

Gerald Hassel, chairman and CEO of BNY Mellon, says the company plans to announce its decision for new office space in the next two months.

BNY Mellon has occupied the 50 story, 1.1 million square foot building since 1989, when The Bank of New York acquired the Irving Trust Company. Since 1998, the company has had its headquarters at the building, moving from 48 Wall Street.

“We’re pleased to have reached this agreement. Once finalized, it will advance our plan to consolidate office space in New York City, lead to a more functional and efficient work environment for our employees, and deliver a solid financial gain to the company,” says Hassell.

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