NEW YORK, June 26, 2014 /PRNewswire/ -- 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.
BNY Mellon is a global investments company dedicated to helping its clients manage and service their financial assets throughout the investment lifecycle. Whether providing financial services for institutions, corporations or individual investors, BNY Mellon delivers informed investment management and investment services in 35 countries and more than 100 markets. As of March 31, 2014, BNY Mellon had $27.9 trillion in assets under custody and/or administration, and $1.6 trillion in assets under management. BNY Mellon can act as a single point of contact for clients looking to create, trade, hold, manage, service, distribute or restructure investments. BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation (NYSE: BK). Learn more at www.bnymellon.com, or follow us on Twitter @BNYMellon.
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The information presented in this news release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements, which may be expressed in a variety of ways, including the use of future or present tense language, relate to, among other things, expectations with respect to the closing of the sale of One Wall Street. These statements are based upon current beliefs and expectations and are subject to significant risks and uncertainties (some of which are beyond BNY Mellon's control). Factors that could cause BNY Mellon's results to differ materially can be found in the risk factors set forth in BNY Mellon's Annual Report on Form 10-K for the year ended December 31, 2013 and BNY Mellon's other filings with the Securities and Exchange Commission. All statements in this news release speak only as of the date of this news release, and BNY Mellon undertakes no obligation to update any statement to reflect events or circumstances after the date of this news release or to reflect the occurrence of unanticipated events.
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SOURCE BNY Mellon