Deutsche Bank Returning to Lower Manhattan

Deutsche Bank will move nearly 6,000 of its staff into a new headquarters building in Lower Manhattan. Deutsche Bank purchased the building — 60 Wall Street — in April 2001for roughly $600 million. The firm planned to move its Midtown headquarters there, but then reportedly tried to sell or lease the building after the Sept. 11 terrorist attacks.

A real estate source told The New York Times that Deutsche Bank was forced into occupying the building when all other options failed. Still, the move has already been hailed as a positive development for Lower Manhattan. Deutsche Bank has made a 10-year commitment to keep at least 6,500 employees in New York City. Only 1,000 of those employees will work outside of Lower Manhattan.

The firm’s former office inside 4 World Trade Center was destroyed on Sept. 11. The bank, which received a $34.5 million grant designed to retain workers and lure new firms into Lower Manhattan, now has about 1,000 employees in the 60 Wall Street building.

TAGS: Brokerage
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