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New York

Bank of New York Mellon to sell headquarters

Tower will be sold for between $500 million and $600 million

From left: Bank of New York Mellon's headquarters and Harry Macklowe
From left: Bank of New York Mellon's headquarters and Harry Macklowe

Bank of New York Mellon is selling its headquarters at 1 Wall Street for between $500 million and $600 million to a venture lead by investor Harry Macklowe.

BNY Mellon is reportedly also in negotiations with Brookfield Office Properties to lease more than 400,000 square feet at 225 Liberty Street. According to the Wall Street Journal, the deal is still fluid and not yet certain.

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The bank has been looking to move out of one million square foot, art-deco headquarters, which was originally built for the Irving Trust Co. 80 years ago, for a while now.

Real estate services firm JLL is advising Bank of New York with finding a new property. CBRE Group is helping the bank sell 1 Wall Street.  [WSJ] – Claire Moses

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Bank Of New York MellonHarry Macklowe