[NEW YORK] A venerable Wall Street firm's search for a new home has set off a fierce competition among developers in lower Manhattan, highlighting the challenges in a commercial district that has acres of vacant office space even as towers are under construction.

The firm, Bank of New York Mellon, plans to sell its current headquarters, a 50-storey Art Deco building at 1 Wall Street, and move to smaller space in lower Manhattan or New Jersey.

The jockeying to lure BNY Mellon, a 229-year-old commercial bank, underscores the changing fortunes of lower Manhattan, where financial institutions are a significant but shrinking presence, as Wall Street sheds employees.