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BNY Mellon to sell HQ

img_008Bank of New York Mellon Corp is planning to sell its headquarters by the third quarter, and it raised the possibility it could move its base outside the city where it was founded in 1784. As part of its first-quarter earnings announcement, the company said it plans to move to a new headquarters, likely in New York City or New Jersey, within two years. The bank has been struggling with low interest rates, forcing it to again waive fees on money-market mutual funds. In response to the sluggish environment, banks and money-fund providers have been focused on tightening expenses. The bank expects the sale of the building, and any associated gain, to occur in the second or third quarter. The sale will lead to a net reduction of about 700,000 square feet in New York. The company currently houses 1,700 of its 51,100 employees at the building, with others at a second office building about a half-mile away. Current BNY Mellon employees at One Wall Street ultimately are expected to relocate to other offices in Lower Manhattan or Jersey City. The bank plans to lease its headquarters for a short time after selling it, so it can move gradually. The bank hasn’t decided on a new location.

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