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. Tower at 111 Wall Street epitomizes crisis of NYC's commercial real-estate market Saks Fifth Ave opening Japanese omakase counter this month Rudin's 3 Times Square in NYC lures in new tenants after $25M upgradeĬBS chief confirms potential sale of broadcast center as major developers show interest Curbed regrets the error.Chelsea Piers field house, fitness club set for grand opening in Brooklyn Meanwhile, Time Warner is expected to occupy 1.6 million square feet at 30 Hudson Yards, the megaproject’s tallest skyscraper (also, coincidentally, developed by Related), bringing brands it owns-including CNN and Warner Brothers-along with it.Ĭorrection: An earlier version of this piece stated that the Time Warner Center would rebrand as One Columbus Circle it is only Deutsche Bank’s office space that will be known as One Columbus Circle. The relocation is an investment in our clients, in our employees and in our future long-term presence in the US.”
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“After a full evaluation of our real estate strategy, Deutsche Bank has decided to relocate its regional headquarters in New York from its current location at 60 Wall Street to a new location at One Columbus Circle.
Renderings for the new office space show a redesigned lobby with Deutsche Bank’s branding at street level, while a source provided Curbed with a different rendering that shows the building’s exterior with a new “Deutsche Bank Center” sign, suggesting that any changes would be purely cosmetic.Ī spokesperson for Deutsche Bank provided Curbed with the following statement: The bank will lease 1.1 million square feet within the complex.Īs for the fate of the Shops & Restaurants at Columbus Circle-which occupy the building’s first few floors, and include a Whole Foods and Per Se-Related isn’t talking the firm had no comment on what will happen to that space. A source familiar with the move tells Curbed that Deutsche Bank is expected to vacate its current HQ by the third quarter of 2021, with the move to Columbus Circle complete by 2022.
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