Bank of New York Mellon to sell 1 Wall Street headquarters

By Updated at 2014-05-21 22:44:55 +0000


Bank of New York Mellon Corp. has agreed to sell its Art Deco headquarters tower at 1 Wall Street to a venture led by investor Harry Macklowe for between $500 million and $600 million, according to multiple people familiar with the discussions.

In addition, Bank of New York BK +0.73% is in negotiations with landlord Brookfield Office Properties to lease more than 400,000 square feet at 225 Liberty Street, these people said. The lease deal is fluid and could still collapse.

If completed, the deals would cap a long search for Bank of New York, which for years has been considering a move from its headquarters, a 1 million square foot tower originally built for the Irving Trust Co. more than 80 years ago. The value of that tower has grown substantially in recent years.