Pandemic speeds last major bank’s exit from Wall Street

Deutsche Bank will not fully reoccupy FiDi office before moving uptown

New York /
Oct.October 14, 2020 10:30 AM
60 Wall Street and Deutsche Bank CEO of Americas Christiana Riley (Wikipedia Commons; PxHere; Getty)

60 Wall Street and Deutsche Bank CEO of Americas Christiana Riley (Wikipedia Commons; PxHere; Getty)

The last major bank on Wall Street is leaving the street, ending an era where working on Wall Street meant being on Wall Street.

Deutsche Bank announced in 2018 that it would exit its current headquarters at 60 Wall Street and consolidate its workforce at the Time Warner Center in 2021. However, the coronavirus pandemic has accelerated its departure, according to the Commercial Observer.

In a memo obtained by the Commercial Observer, the bank announced that employees could wait to return to the workplace until July 2021, when the Columbus Circle location opens.

“We’ve gone from Wall Street as a physical address to a label,” Bob Goodman, an executive managing director at Colliers International, told the publication.

Some specific Deutsche Bank teams have been called to return to 60 Wall Street, and it remains open for employees who wish to work from the office, but the bank will never fully reoccupy its space there.

Citigroup was the first to leave Wall Street, moving its headquarters to 399 Park Avenue in the early 1960s. Since, major banks have continuously decamped from the area. Midtown has been a popular destination because it is more accessible from the suburbs north of the city. [CO] — Sasha Jones


Related Articles

arrow_forward_ios
Clockwise from top left: 2875 Morningside Heights, 38-21 12th Street in Long Island City, 46 Nevins Street in Brooklyn (Google Maps)
Investors flip NYC industrial, hotel, office buildings in pre-holiday frenzy
Investors flip NYC industrial, hotel, office buildings in pre-holiday frenzy
From left: Robert Mercer with 48-05 Metropolitan Avenue and Gary Barnett with 17 West 60th Street (Getty, Google Maps, Bulado General Contractors Corp)
$730M loan bundle funds slew of NYC projects
$730M loan bundle funds slew of NYC projects
Workers at 750 Third Avenue will soon be able to get medical check-ups at the office. (Google)
Landlords’ next amenity: Office building health care
Landlords’ next amenity: Office building health care
Chubb CEO Evan Greenberg, Olayan Group's Suliman Olayan and 550 Madison Avenue (Getty, Olayan, Wikimedia)
First tenant at Olayan Group’s 550 Madison takes 240K sf
First tenant at Olayan Group’s 550 Madison takes 240K sf
Broad Street Development, Invesco refi 80 Broad for $150M
Broad Street Development, Invesco refi 80 Broad for $150M
Broad Street Development, Invesco refi 80 Broad for $150M
37-12 Prince Street and F&T Group CEO Michael Lee (Margulies Hoelzli Architecture, F&T)
F&T, SGC America’s $800M project will bring Shanghai to Flushing
F&T, SGC America’s $800M project will bring Shanghai to Flushing
Jeff Bezos and the Jersey City office property (LoopNet, Getty)
Amazon scraps 400K sf Jersey City office deal
Amazon scraps 400K sf Jersey City office deal
Boston Properties’ Owen Thomas, Vornado Realty Trust’s Steve Roth, Paramount Group’s Albert Behler, SL Green’s Marc Holliday and Empire Real Estate Trust’s Tony Malkin  (iStock, slgreen.com, vno.com, paramount-group.com, esrtreit.com, LinkedIn)
Office landlords profess optimism despite dip in occupancy
Office landlords profess optimism despite dip in occupancy
arrow_forward_ios

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

Loading...