Bank of New York Mellon is putting its New York City headquarters up for sale and mulling a move across the river to New Jersey.
The bank announced the planned sale of its One Wall Street space in its first-quarter earnings announcement, adding that a new headquarters will likely be set up either in New York City or in New Jersey within two years. The building sale is expected to take place in the second or third quarter of 2014, the bank said, reducing the company’s New York space by 700,000 square feet.
“We expect to get a very strong bid,” Todd Gibbons, the bank’s chief financial officer, told the Wall Street Journal, noting that the value of the property has gone up substantially in recent years.
BNY Mellon’s current headquarters houses 1,700 of the bank’s 51,100 employees, while a second office located roughly a half-mile away holds the rest. The displaced employees are expected to relocate to other offices in Lower Manhattan or Jersey City, one person familiar with the matter told the Wall Street Journal. [WSJ] — Julie Strickland