Bank of New York Mellon to move HQ

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Bank of New York Mellon will move its headquarters to lower Manhattan’s Brookfield Place as part of an effort to scale down its office space and streamline operations.

Bloomberg News reports that the custody bank signed a 20-year lease for about 350,000 square feet (33,000 square metres) at 225 Liberty St., BNY Mellon said in a statement. The building, formerly known as 2 World Financial Center, is part of a complex owned by Brookfield Property Partners.

The agreement ends the bank’s years-long search for a cost-effective alternative to its headquarters at 1 Wall St., which last month it agreed to sell to a venture led by Macklowe Properties for $585m. For Brookfield, downtown Manhattan’s largest office landlord, it fills another part of about 3 million square feet of space at the complex left when leases by Merrill Lynch expired last year.

The move 'gives us the opportunity to create a corporate campus with state-of-the-art facilities to serve our clients for decades to come', said Gerald Hassell, BNY Mellon’s chairman and chief executive officer. 'Our employees will have an exceptional work experience at 225 Liberty'.

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BNY Mellon to Move Headquarters to Brookfield Place

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