NEW YORK CITY—BNY Mellon has reached an agreement to sell its One Wall Street office building in Lower Manhattan for $585 million to a joint venture led by Macklowe Properties. The sale, which is expected to close next quarter, was brokered by CBRE's Darcy Stacom and Bill Shanahan, both vice chairmen, and Paul Leibowitz, EVP.

"We're pleased to have reached this agreement. 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," says Gerald Hassell, chairman and CEO of BNY Mellon. "We expect to announce our decision for new leased space in the New York region in the next two months."

BNY Mellon has occupied the 50 story, 1.1 million square foot building since 1989, when the Bank of New York acquired the Irving Trust Company. The company's headquarters moved from 48 Wall Street to One Wall Street in 1998. The original lot was purchased by the Irving Trust Company in 1927 for $14.5 million and construction was completed in March 1931. The building, considered one of New York's landmark Art Deco skyscrapers, was designed by architects Voorhees, Gmelin and Walker. Maine granite was used for the base, and the building is sheathed with Indiana limestone.

BNY declined to comment to GlobeSt.com. Representatives for CBRE and Macklowe did not respond to requests for comment by presstime.