Bank takes 317,000 SF in office tower.In a deal timed perfectly for both landlord and tenant, Bank of New York The Bank of New York, abbrieviated to BNY, was a global financial services company that existed until its merger with the Mellon Financial Corporation on July 2, 2007.[1] The bank now continues under the new name of The Bank of New York Mellon Corporation. (BNY BNY Bank of New York ) has committed to occupy 317,000 SF in Atlantic Terminal Office Tower, Forest City Ratner Companies new 400,000-SF office building soon to-be-constructed atop Atlantic Center Terminal Retail Complex, a 375,000-SF mall now under development in Downtown Brooklyn. The deal was arranged by Insignia/ESG, namely Robert Alexander, Howard Fiddle, Christopher Havens, Roni Horenstein, Gary Kamentsky, Doug Lehman, Robert Stillman, and Mary Ann Tighe. " BNY wanted to stay in New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. and given Brooklyn's proximity to Downtown and its excellent transportation options, a brand new Class-A building in the borough made absolute sense," said Alexander. After 9/11 and the loss of its operations at One Wall Street, 100 Church St., and 101 Barclay, BNY dispersed employees into temporary space throughout New York City. "BNY then made a corporate decision to diversify the locations of its workforce and subsequently began an exhaustive search of the NY Metro markets for alternative premises," said Stillman. "At the same time, Forest City Ratner Companies was keen to find a tenant to anchor and pre-lease the 10-story new commercial building it plans to construct above its retail mall." "The timing dovetailed beautifully," said Fiddle who added that the 24/7 new building will house day-to-day employees numbering approximately 1,500. "Forest City really wanted to add an office component to its retail project and Bank of New York needed to set up offices as close to Downtown as possible, yet far enough away to bifurcate To divide into two. its operations. Our client is delighted that such a creditworthy cred·it·wor·thy adj. Having an acceptable credit rating. cred  it·wor client as BNY has committed to anchor the complex." Atlantic Terminal Office Tower will be constructed on a fast track 15-month schedule and is expected to be completed in the first quarter of 2004. Bruce Ratner, president and chief executive officer of Forest City Ratner Companies, said, "We are honored that an institution with such a long and successful history as the Bank of New York has selected Atlantic Terminal Office Building for its base of operations Noun 1. base of operations - installation from which a military force initiates operations; "the attack wiped out our forward bases" base air base, air station - a base for military aircraft army base - a large base of operations for an army in Brooklyn. Its confidence in the future of this complex is gratifying grat·i·fy tr.v. grat·i·fied, grat·i·fy·ing, grat·i·fies 1. To please or satisfy: His achievement gratified his father. See Synonyms at please. 2. and a welcome sign that Downtown Brooklyn remains a preeminent business district in New York City." |
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