Merrill Lynch will open an office in downtown Scranton, according to a local developer and the mayor.
The building at 317 Linden St. will house Merrill Lynch's Global Markets & Investment Banking Group, said building owner Jerry Joyce. The Merrill Lynch division has 630 offices worldwide, including Binghamton, N.Y., Allentown, Wilkes-Barre and Williamsport.
“This represents a vote of confidence in downtown Scranton,” Mr. Joyce said. “We have a blue chip name selecting Scranton rather than a suburban office park.”
Merrill Lynch spokeswoman Serena Morris declined to comment on the reported Scranton office, but did say Merrill had no plans to close the office serving Wilkes-Barre in Plains Township.
The 6,000-square-foot office on Linden Street would occupy the second floor, above Scanlan's Restaurant and the Crazy Pineapple. The office will be staffed by financial advisers and support employees, Mr. Joyce said. To prepare for the new tenant, he is building a clean room for the office's computer systems and making other changes before Merrill Lynch makes its own custom improvements.
Mr. Joyce expects the company to occupy the building in three to four months.
The company was attracted to the site by the balcony, which could be used for entertaining. Also, one of the decision makers, Stanley Miska, senior director of wealth management at Merrill's Allentown offices, is a preservationist who appreciated the exposed brick and hardwood floors of the recently restored building, Mr. Joyce said.
Merrill Lynch officials were concerned about the aesthetics of the block of Linden Street, Mr. Joyce noted, particularly undeveloped areas across the street. Mayor Chris Doherty said the city has committed to restore sidewalks and curbs in the area, and Mr. Joyce has started renovation of the former Pub Charles.
The sidewalk work is a small concession to bring an employer the caliber of Merrill Lynch to the city. Mr. Doherty said Merrill Lynch had an office in the city years ago and is glad to see the company return.
“We really wanted them back, and they've decided that Scranton is the place to be,” he said. “This curb and sidewalk work is something we would have done anyway.”
Originally, an elaborate deal between Mr. Joyce and Lackawanna County commissioners A.J. Munchak and Robert C. Cordaro had Merrill Lynch moving into the former PG&W building, the county's Jefferson Avenue Annex.
After minority commissioner Michael Washo and running mate Corey O'Brien won a landslide victory, they nixed the plan, forcing Mr. Joyce to find another location for Merrill.
The news comes as Wachovia Securities opens an office around the corner on Wyoming Avenue in a building restored by the Ferrario family.
Mr. Joyce called adding downtown employers “feet on the street.” He said downtown workers add life and bring commerce to the city.
Contact the writer at dfalchek@timesshamrock.com
