The Real Deal New York

Another win for Brookfield Place as Bank of NY Mellon signs on

Deal for about 350,000 square feet helps plug space left by Merrill Lynch

June 26, 2014 08:30AM

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From left: 225 Liberty Street and 1 Wall Street

From left: 225 Liberty Street and 1 Wall Street

It’s official: The Bank of New York Mellon is relocating its headquarters to Brookfield Place in Lower Manhattan.

The bank inked a deal for about 350,000 square feet at 225 Liberty Street, the former 2 World Financial Center, the New York Post reported. The decision marks the end of questions over where BNY Mellon would land after putting its landmarked 1 Wall Street home base up for sale for between $500 million and $600 million earlier this year in a venture led by Harry Macklowe.

Speculation has swirled for months over whether the bank would relocate to 70 Hudson Street in Jersey City or move to a new location in Lower Manhattan. There was some talk the bank was also considering a spot in 3 World Trade Center.

The deal marks the latest signing at Brookfield Place, which is quickly refilling the gap created when investment bank and advisory firm Merrill Lynch let its massive lease in the building expire in 2013. In a surprise move in May, longtime Midtown fixture Time Inc. announced it was relocating its office to Brookfield Place as well.

Real estate services firm Jones Lang LaSalle advised BNY Mellon on the search for a new property, while CBRE Group helped the bank sell 1 Wall Street. [NYP] Julie Strickland

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