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Deutsche Bank Becomes Latest Major Investment Bank to Depart Wall Street

Germany-based Global Bank to Lease 1.1 Million Square Feet at Related's One Columbus Circle for NYC Headquarters
May 7, 2018
Deutsche Bank is scheduled to begin moving to One Columbus Circle in 2021. Image credit: The Related Companies


Deutsche Bank AG confirmed it will join the exodus from Wall Street after agreeing to lease 1.1 million square feet of office space in Related Companies' Time Warner Center as part of a broad restructuring of its U.S. operations.

The international banking giant won't begin moving from its current location at 60 Wall Street until the third quarter of 2021. Related acquired the former Time-Warner headquarters complex in a joint venture with Abu Dhabi Investment Authority and Singapore’s GIC in 2014 for $1.8 billion.

The move is expected to be completed during 2022, a Deutsche Bank spokesman confirmed. Terms of the lease were not disclosed.

With the move, Deutsch Bank will adopt a more efficient layout to reduce its overall occupancy at a time when other financial firms are also cutting costs in one of the world's most expensive real estate markets. Just last week, asset management firm AllianceBernstein LP confirmed it will begin relocating its corporate headquarters at 1345 Avenue of the Americas along with more than 1,000 jobs to Nashville later this year.

Deutsche Bank, which occupies 1.6 million square feet at 60 Wall Street, said the decision follows "a 16-month long review of our real estate needs in New York," according to the spokesman.

Frankfurt-based Deutsche Bank purchased its current headquarters at 60 Wall Street from JPMorgan Chase & Co. for $610 million in 2001. The bank sold the property near the height of the real estate boom in 2007 for nearly double the price it paid to Paramount Group for just under $1.2 billion, according to CoStar Comps data. Deutsche Bank continued to occupy the building under a 15-year lease. 60 Wall Street traded hands again in January 2017 when Paramount sold to GIC, the Singapore-based soverign wealth fund, for just over $1 billion.

Late last month, Deutsche Bank announced a cost-restructuring plan that included scaling back its U.S. sales and trading operations and corporate finance operations to refocus on its European corporate finance business.

"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," Related Chief Executive Officer Jeff Blau said in a statement.

Randyl Drummer, Senior News Editor  CoStar Group   


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