Developers concerned for future of BNY Mellon Center

Developers say it is a matter of time before one of Pittsburgh’s largest downtown buildings is completely empty.

The BNY Mellon Center accounts for nearly 6% of all downtown real estate, according to downtown developers, but with the bank’s lease ending in 2028, BNY Mellon has been moving workers out of the tower to a secondary location on Ross Street.

Likewise, companies that hold subleases and rent space in the tower have also begun relocating.

Currently, BNY Mellon uses 39 of the 54 floors for office space, with other firms occupying 14 floors -- if BNY does not renew its lease it could be a sign that the 1.6 million square foot building could be empty in the next few years.

With yet another potentially vacant building comes concern that it could cost the city, county and school district a lot of money with a revised property valuation.

We asked local developers what might happen if BNY leaves.

“It would never make financial sense in any form to try to convert that to residential,” President of Rugby Realty Aaron Stauber said. “They are probably going to make a decision soon that it’s cheaper for them to just implode the building and allow it to just become land.”

The company lease does not end until 2028 so there is still time for the building’s owner, MetLife, to develop a resolution.

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