Deutsche Bank Takes 50K in Brooklyn
Jotham Sederstrom Dec. 29, 2011, 9 a.m.
Deutsche Bank AG will be opening its first office in Downtown Brooklyn after it agreed to take 50,000 square feet at the JPMorgan Chase-owned 4 MetroTech Center, The Commercial Observer has learned.
Deutsche Bank, which offers a variety of investment and financial services to private individuals and corporations, will be using the space to house its operations staff and other back-office resources, a source familiar with the deal told The Commercial Observer. The bank took space at 4 MetroTech given the building’s relative proximity to offices at 60 Wall Street, another source added.
Jones Lang LaSalle brokers Ken Siegel and Peter Riguardi represented Deutsche Bank in the transaction, sources said. Scott Cahaly and John Wheeler represented the landlord, JPMorgan Chase, which is among the only other entities to own buildings in the MetroTech complex besides Forest City Ratner. Mssrs. Siegel and Riguardi declined to comment and Mr. Cahaly and Mr. Wheeler could not be reached for comment.
Spokespeople for Deutsche Bank and JPMorgan Chase also declined to comment.
Deutsche Bank is well-situated throughout Manhattan, with offices at 120 West 45th Street, 1251 Avenue of the Americas, 345 Park Avenue, 622 Broadway, and 885 Third Avenue. This will be the German bank’s first foray into Brooklyn, sources said.
Deutsche Bank has helped keep momentum high during what is historically a slow end-of-the-year real estate cycle. Last week, in fact, the global bank finalized a $625 million loan to Sheldon Solow’s 9 West 57th street skyscraper. The deal will provide Mr. Solow ongoing capital for the pricey-office building, which houses boutique financial firms Forty North and KKR, people close to the deal told The Commercial Observer.