![]() ![]() We reported earlier this month that Deutsche exercised an option under its lease with landlord Related Companies to give back two floors in TWC’s north tower without penalty before it moved in.Īlthough those floors comprise only 60,000 square feet of a 1.1 million sf total at Time Warner Center, many saw the decision as an omen of much more paring to come. The change in brokerages has been kept so secret that even some CBRE executives didn’t know about it.Ī source familiar with the situation said, “Deutsche has a lot of moving and unloading around the world, and CBRE made a strong case that they could handle it best.”ĭeutsche Bank cutting space at new office prior to move In an unexpected step to facilitate future pruning of Deutsche’s real estate, the bank has quietly dumped JLL as its global real estate representative in favor of CBRE, Realty Check has learned - a move that could bring CBRE untold millions of dollars in commissions as the bank sheds office space around the world. Sewing called the drastic restructuring “the most fundamental transformation of Deutsche Bank in decades.” New York and London bore the brunt of the job losses. Rocked by its disastrously performing investment bank operations, the bank has enjoyed only a single profitable year since 2014 and posted a $3.45 billion loss for the second quarter.ĭeutsche recently laid off 18,000 highly paid employees - or one-sixth of its entire workforce - as it dramatically shrinks its investment-banking arm. On the heels of giving up two floors at Time Warner Center, embattled Deutsche Bank is likely to put more floors up for sublease before it even moves in by 2021, sources told Realty Check.ĭeutsche signed a lease for more than 1 million square feet at the Columbus Circle tower, where it will downsize from 1.6 million square feet it now occupies at 60 Wall St.įurther reductions at Time Warner Center would be part of what an insider called Deutsche CEO Christian Sewing’s “ruthless” purge of redundant office space globally as part of the struggling bank’s overall cost-cutting and restructuring program. Park Avenue office tower's $120 million upgrade helps land new leases ![]() Zeldin - or lawsuits - could derail controversial Penn Station area redevelopment Surprise! Midtown East has one of NYC's best new restaurants Rival developers cheer Zeldin in opposition to Hochul's Penn Station plan Roberta's to open massive, wood-fired pizza joint near Madison Square Garden
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |