BNY Mellon, a global leader in investment management and investment services, announced today that it will relocate its world headquarters to Brookfield Place, a premier complex in Lower Manhattan's Battery Park City. This move is part of the company's previously-announced decision to consolidate and streamline operations. The company will occupy approximately 350,000 square feet on seven floors in 225 Liberty Street. BNY Mellon's presence in Lower Manhattan includes the nearby 25-story office building it owns at 101 Barclay Street. JLL brokered the agreement.
The 20-year leasing agreement follows the late May announcement of the sale of BNY Mellon's current headquarters at One Wall Street to a joint venture led by Macklowe Properties for $585 million. The sale, brokered by CBRE, is expected to be completed in the third quarter of 2014, subject to customary closing conditions. Selling the building gives the company the opportunity to eliminate unnecessary space and improve efficiency.
"New York City has been home to BNY Mellon since our founding by Alexander Hamilton in 1784. Our decision to remain anchored near our facilities at 101 Barclay Street gives us the opportunity to create a corporate campus with state-of-the-art facilities to serve our clients for decades to come," said Gerald L. Hassell, BNY Mellon Chairman and Chief Executive Officer. "We evaluated a number of sites in several states where we have existing facilities, factoring in the quality of the work environment and amenities for our employees. Our employees will have an exceptional work experience at 225 Liberty."
"BNY Mellon's decision to remain in New York, after considering relocating a significant number of employees out of state, demonstrates our efforts to retain businesses here are paying off," said Empire State Development President, CEO & Commissioner Kenneth Adams. "I'm certain BNY Mellon will continue to thrive in the heart of the world's financial capital, with assistance from New York's unique economic assets and top talent."
The 225 Liberty Street building is a premier 44-story office tower within the Brookfield Place complex, which was formerly known as the World Financial Center. Brookfield is in the process of completely renovating its retail, recreational and restaurant spaces in the complex. BNY Mellon will have the opportunity to restructure its space needs by designing the facilities around technology requirements, an open workplace with natural light, multifunctional collaboration areas and mobility.