Four years after signing a 20-year lease at Brookfield Place, Bank of New York Mellon is set to move out again. Blame the new CEO.
Charles Scharf, who took over the bank’s leadership last year, launched a review of its real estate. The result: BNY will shrink its footprint and move its New York employees to 101 Barclay Street, which the bank owns and is partially vacant.
BNY plans to sublease its 350,000-square-foot space at Brookfield Property Partners’ office complex, the Wall Street Journal reported. Brookfield Place, which spans 8 million square feet, is 97 percent occupied.
“As part of our multiyear corporate real estate strategy, we have continued to review our occupancy needs in Lower Manhattan, and there are real benefits for us bringing together the teams currently at 225 Liberty with our colleagues in 101 Barclay,” the bank’s CFO Michael Santomassimo told employees in a memo, according to the Journal.