NEW YORK CITY-It what can only be described as a show of support for Manhattan’s Downtown market, Union Bank of California has inked a 23,458-sf lease at 40 Wall St. Union Bank’s former base of New York operations was the 14th floor of 2 World Trade Center. All of the bank’s 106 employees survived the attack.

The bank signed a seven-year lease for the entire 23rd floor at 40 Wall, which it plans to occupy by late February. Ken Churich, a senior director for Cushman & Wakefield in San Francisco, and John Moxley, a director in New York, represented the bank, said to be the third largest commercial bank in California. Tishman Real Estate Services is the building manager for 40 Wall, also known as the Trump Building at 40. Calls to the local Tishman office were not returned.

A total of four C&W offices were involved in the site-selection process, since the client was scouting alternative spaces in Midtown Manhattan and in New Jersey. “Since they’re headquartered in San Francisco, we channeled all leads and information through the San Francisco office,” reports Churich, “but we had Midtown brokers showing space in Midtown, New Jersey brokers showing space in Jersey City and Downtown brokers showing space Downtown. Within days of Sept. 11, we had shown Union Bank more than 30 potential properties. At the end of the day, they chose Downtown.”

According to Moxley, Union Bank did not want to leave the financial district. “They wanted to be close to Wall Street, the New York Stock Exchange and clients,” he states.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Dig Deeper


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join now!

  • Free unlimited access to's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including and

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.