May 21 (Bloomberg) -- Bank of New York Mellon Corp. agreed to sell its headquarters tower at 1 Wall St. in lower Manhattan to Harry Macklowe’s Macklowe Properties for $585 million, a person with knowledge of the transaction said.
The deal for the 1 million-square-foot skyscraper is expected to be completed in the third quarter, said the person, who asked not to be named because the agreement isn’t public. At about $585 a square foot, the price is one of the highest ever per-square-foot basis for a lower Manhattan office tower.
The sale to Macklowe, co-developer of the high-rise condominium tower 432 Park Ave., raises the possibility that the building will be converted for residential use. The property was marketed as a condo conversion opportunity, with parts near the bottom of the building to be used for retail or offices.
Ron Gruendl, a BNY Mellon spokesman, and Steven Solomon, a Macklowe spokesman, didn’t immediately return phone calls seeking comment. The Wall Street Journal earlier reported that Macklowe was the buyer.
To contact the reporter on this story: David M. Levitt in New York at firstname.lastname@example.org
To contact the editors responsible for this story: Kara Wetzel at email@example.com Christine Maurus