Press Releases

Mellon Bank to Expand in Downtown Pittsburgh; New Operations Center Will Accommodate Mellon's Growth And Create About 1,000 Jobs During Construction

PITTSBURGH, March 4 -- Mellon Bank Corporation (NYSE: MEL) today announced that it will construct a new operations center and build a park and plaza above the Steel Plaza subway station and other nearby space, adjacent to the Company's headquarters in One Mellon Bank Center in downtown Pittsburgh. The new building will house Bank operations currently located in Mellon's other downtown sites and will accommodate future growth. The announcement was made today during a joint news conference hosted by Mellon Chairman, President and Chief Executive Officer Frank V. Cahouet and Pittsburgh Mayor Tom Murphy.

"This additional investment exemplifies our commitment to the City of Pittsburgh and positions Mellon for growth opportunities as our businesses continue to expand," Cahouet said. "We reviewed several options for the location of our new operations center and, after careful analysis, concluded that constructing the center in downtown Pittsburgh across the street from our Corporate headquarters was in the best interests of our customers, employees and shareholders."

"The City enthusiastically welcomes this significant investment by one of Pittsburgh's signature corporations. Mellon's operations center and the adjacent park and plaza will blossom on a site that has been an eyesore for too long in our downtown," said Mayor Murphy.

Construction of the multi-story structure of more than 500,000 square feet is expected to begin in September 1998 and should be completed and occupied by mid-year 2000.

The land, much of which has stood vacant since the completion of the downtown subway system in the mid-1980s, has long been the subject of downtown development. There are three parcels -- one at Grant Street and Sixth Avenue adjacent to One Mellon Bank Center; a second along Ross Street between Sixth Avenue and Fifth Avenue; and a third at Fifth Avenue and Sixth Avenue that is currently used as a surface parking lot and is bordered on the east by Interstate 579. Some of the land purchased by Mellon, not used for the building, will be converted to a downtown park and plaza and available for possible future expansion.

An estimated 1,000 construction and service jobs will be created during the projected two and one-half year construction phase of the operations center. The building, which will straddle Sixth Avenue from Ross Street to the Interstate 579 border, is expected to include between 800 and 1,100 parking spaces. Many support operations -- such as check processing, printing and other labor-intensive functions -- are expected to be moved from Mellon's other downtown buildings to the new structure as well as some operations consolidated from other cities.

"One of the most exciting parts of this project is the site beautification that will benefit not only Mellon employees, but all downtown workers, residents and visitors," Cahouet said. The ground-level park and plaza will feature an attractively landscaped area with a walkway from Grant Street to the new building. While no changes are planned for the ground-level Steel Plaza subway entrances that exist on the site, the unfinished Sixth Avenue subway entrance will be completed. The operations center also will have an elevated pedestrian walkway across Ross Street, connecting it with One Mellon Bank Center, and the building will include convenient access to the subway station.

A broad-based financial services company with a bank at its core, Mellon Bank Corporation ranks among the nation's largest bank holding companies in market capitalization. With more than $300 billion of assets under management and $1.5 trillion of assets under administration, Mellon provides a full range of banking, investment and trust products and services to individuals and small, midsize and large businesses and institutions. Its mutual fund company, The Dreyfus Corporation, places Mellon as the leading bank manager of mutual funds. Headquartered in Pittsburgh, Mellon's principal subsidiary is Mellon Bank, N.A.