Deutsche Bank is heading uptown. The German banking giant will leave its current space at 60 Wall Street and take 1.1 million square feet at Related Companies’ Time Warner Center.
The move, which will shrink the bank’s footprint by 30 percent, comes as the new CEO Christian Sewing plans to shake up its U.S. operations. The bank will start moving employees to Columbus Circle in 2021.
“The new location will result in closer proximity to key clients, consolidate New York activities and provide employees with access to modern, state-of-the-art facilities, technology and amenities while retaining access to critical transportation links,” the bank wrote in a note to employees.
Deutsche Bank bought 60 Wall Street in 2001, sold it for $1.2 billion in 2007 and leased it back for 15 years. In January 2017, Singapore’s sovereign wealth fund GIC bought a 95-percent stake in the tower from Paramount Group and Morgan Stanley for $1.1 billion.
Time Warner is set to depart its namesake building for Hudson Yards in 2019. Related bought back the media company’s 1.3-million-square-foot office space for $1.1 billion in 2014.