BNY Mellon agrees to sell Wall Street building

Wall Street sign

BNY Mellon has announced it has reached an agreement to sell its One Wall Street office building in lower Manhattan for $585m to a joint venture led by Macklowe Properties.

The sale was brokered by CBRE. The sale is expected to be completed in the third quarter of 2014, subject to customary closing conditions.

'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', said Gerald Hassell, chairman and chief executive officer of BNY Mellon. 'We expect to announce our decision for new leased space in the New York region 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. The company's headquarters moved from 48 Wall Street to One Wall Street in 1998. The original lot was purchased by the Irving Trust Company in 1927 for $14.5m and construction was completed in March 1931. The building, considered one of New York's landmark Art Deco skyscrapers, was designed by architects Voorhees, Gmelin and Walker. Maine granite was used for the base, and the building is sheathed with Indiana limestone.

 

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