BNY Mellon to ditch its 350K sf Brookfield Place office after just 3 years

Bank to consolidate into 101 Barclay

New York /
Feb.February 01, 2018 11:30 AM

From left: 101 Barclay Street, Charles Scharf and 225 Liberty Street

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.

BNY moved to Brookfield Place after selling its former headquarters at 1 Wall Street to developer Harry Macklowe, who is converting the tower into apartments and retail space.  [WSJ]Konrad Putzier 


Related Articles

arrow_forward_ios
A photo illustration of Related Companies' Jeff Blau (Getty)
Related proposes 1,500-room resort in Hudson Yards casino bid
Related proposes 1,500-room resort in Hudson Yards casino bid
Jared Kushner and 666 Fifth Avenue (Getty, David Shankbone, CC BY 2.5 - via Wikimedia Commons)
Congress probes Jared Kushner’s dealings amid 666 Fifth Avenue sale
Congress probes Jared Kushner’s dealings amid 666 Fifth Avenue sale
Council member Pierina Ana Sanchez and RSA’s Joseph Strasburg (Getty; Twitter)
Citing Bronx fire, Council pushes building violation crackdown
Citing Bronx fire, Council pushes building violation crackdown
SB Development’s Joseph Stern and Northwind’s Ran Eliasaf with rendering of Nova (LinkedIn, NOVA)
SB Development, Hazelton Capital score $62M loan for LIC condo tower
SB Development, Hazelton Capital score $62M loan for LIC condo tower
Illustration of Mayor Eric Adams (Getty; Illustration by Kevin Rebong for The Real Deal)
Oh, rats! Eric Adams contests summons for infestation
Oh, rats! Eric Adams contests summons for infestation
Brookfield's Bruce Flatt with 1100 Newark Turnpike (Loopnet, Brookfield)
Brookfield buys CSX industrial site in Northern New Jersey for $67M
Brookfield buys CSX industrial site in Northern New Jersey for $67M
Rudin Management's Bill Rudin and 3 Times Square (Getty, Epicgenius, CC BY-SA 4.0 - via Wikimedia Commons)
Accounting firm leases at Rudin’s 3 Times Square
Accounting firm leases at Rudin’s 3 Times Square
198 Scholes Street, 65 Kent Avenue, 506 DeKalb Avenue and 11 Gunther Place (Illustration by the Real Deal with Getty, Google Maps)
Avi Philipson deal to acquire All Year portfolio is back on
Avi Philipson deal to acquire All Year portfolio is back on
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...