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.
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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.
