Deutsche Bank Leaving Wall Street For 1.1M SF In Midtown
Deutsche Bank is moving its New York headquarters from Wall Street to a 1.1M SF space at One Columbus Circle.
The company’s current headquarters is at 60 Wall St., but it will begin moving to the new location at the Time Warner Center in 2021, Bloomberg reports.
The decision follows a 16-month review, according to a memo the head of Deutsche Bank’s Americas business, Tom Patrick, wrote to staff on Friday.
The bank had also been considering 50 Hudson Yards and Two World Trade Center for its new location. Time Warner sold 1.3M SF of office space in the complex to Related Cos., which originally built the space for the cable giant, for $1.1B in 2014. The cable giant is set to move to 30 Hudson Yards, also developed by Related.
In moving to Columbus Circle, Deutsche Bank will shrink its presence in the city by 30%. In 2007, Deutsche Bank sold 60 Wall St. for $1.2B and then leased office space back for 15 years, according to Bloomberg. Last year, Singapore’s sovereign wealth fund, GIC, bought a 95% stake in the building.
The office move is bad news for Lower Manhattan, which saw a 60% year-over-year decrease in leasing activity in the first quarter
