NEW YORK CITY—BNY Mellon has reached an agreement to sell itsOne Wall Street office building in Lower Manhattan for $585 millionto a joint venture led by Macklowe Properties. The sale, which isexpected to close next quarter, was brokered byCBRE's Darcy Stacom and BillShanahan, 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 YorkCity, lead to a more functional and efficient work environment forour employees, and deliver a solid financial gain to the company,"says Gerald Hassell, chairman and CEO of BNY Mellon. "We expect toannounce our decision for new leased space in the New York regionin the next two months."

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