NEW YORK CITY—Deutsche Bank is relocating its North American headquarters, leaving 60 Wall St. to move to Related's offices in the Time Warner Center.
Bloomberg first reported this news. It cited a memo that the head of Deutsche Bank's Americas business Tom Patrick sent to staff on Friday. "The new location will result in closer proximity to key clients, consolidate New York activities and provide employees with access to modern, state-of-the-art facilities, technology and amenities while retaining access to critical transportation links," Patrick wrote.
With regards to the bank's current headquarters, Bloomberg noted Deutsche Bank's sale leaseback: It had bought 60 Wall St. from JPMorgan Chase in 2001. According to Real Capital Analytics, in 2007 Deutsche Bank sold the building for $1.18 billion to a Paramount Group and Morgan Stanley joint venture. After the sale, Deutsche Bank agreed to a 15-year sale leaseback with the owners, according to Bloomberg.
A Deutsche Bank spokesperson provided the following statement to GlobeSt.com:
"After a full evaluation of our real estate strategy, Deutsche Bank has decided to relocate its regional headquarters in New York from its current location at 60 Wall St. to a new location at One Columbus Circle. The relocation is an investment in our clients, in our employees and in our future long-term presence in the US."
Currently, the space is occupied by Time Warner. Deutsche Bank will move into the offices after Time Warner relocates to 30 Hudson Yards in Q3 2021.
Related provided the following statement from its CEO Jeff Blau to GlobeSt.com:
"Related transformed Columbus Circle into a thriving mixed-use neighborhood and a world-class destination. We are very pleased to work with our long term partner Deutsche Bank as they reimagine their North American headquarters."
A source familiar with the matter tells GlobeSt.com that Deutsche Bank now occupies 1.6 million square feet at 60 Wall St. and will occupy 1.1 million square feet at One Columbus Circle. The source says the decision was the product of a 16-month review of the bank's real estate needs in New York. The move is expected to be completed during 2020. Finally, the person stated the move was separate from and independent of any plans of Deutsche Bank's investment and asset management arm, DWS Group. Commercial Observer had reported DWS had relocated from 345 Park Ave. to an 82,000 square-foot space at 875 Third Ave.
The Bloomberg article reported that the bank's chief executive Christian Sewing is restructuring the bank, possibly cutting more than 10% of its US workforce.
The image slideshow above presents architectural renderings of Deutsche Bank's space at One Columbus Circle. All renderings and photography were provided by Related Companies.
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Betsy Kim
Betsy Kim was the bureau chief, East Coast, and New York City reporter for Real Estate Forum and GlobeSt.com. As a lawyer and journalist, Betsy has worked as the director of editorial and content for LexisNexis Lawyers.com, a TV/multi-media journalist for NBC and CBS affiliated TV stations in the Midwest, and an associate producer at Court TV.
