NEW YORK CITY — Bank of New York (BNY) Mellon has agreed to sell its 1.1 million-square-foot One Wall Street office tower in Manhattan to a joint venture led by Macklowe Properties for $585 million. CBRE is brokering the deal, which is expected to close in the third quarter.
Completed in 1931, the art deco building stands 50 stories. Investment services provider BNY Mellon has occupied the property since 1989, when The Bank of New York acquired Irving Trust Co.
“We’re pleased to have reached this agreement,” says Gerald Hassell, chairman and CEO of BNY Mellon. “Once finalized, it will advance our plan to consolidate office space in New York City, lead to a more functional and efficient work environment for our employees and deliver a solid financial gain to the company.”
Hassell adds that BNY Mellon expects to announce a new lease for space elsewhere in the New York region within the next two months. The company’s headquarters moved from 48 Wall Street to One Wall Street in 1998.
Irving Trust Co. purchased the original lot in 1927 for $14.5 million. Voorhees, Gmelin and Walker designed the skyscraper, which was constructed with a base of Maine granite and Indiana limestone exterior.
A global investment company operating in 35 countries and more than 100 markets, BNY Mellon provides investment management and services for institutions, corporations and individual investors. As of March 31, the company had $27.9 trillion in assets under custody and/or administration and $1.6 trillion in assets under management.
Macklowe Properties, founded in the mid-1960s by Harry Macklowe, develops, acquires, owns and manages commercial real estate in the retail, multifamily and office sectors. The company operates almost exclusively in New York and has invested in more than 10 million square feet in Manhattan.
BNY Mellon is the corporate brand of The Bank of New York Mellon Corp. (NYSE: BK). The corporation’s stock price closed at $34.33 per share on May 21, up from $30.09 per share a year ago.
— John McCurdy