Mellon Undecided on Building Damaged in Fire

Mellon Bank Corp. announced last week that a building it owns that sustained serious damage from a fire in downtown Philadelphia will remain closed while the bank decides whether to repair it or sell it.

The building, Two Mellon Bank Center, sustained extensive water damage in a Feb. 23 fire at the adjacent One Meridian Plaza.

Mellon PSFS, a division of Pittsburgh-based Mellon Bank Corp., owns but does not occupy the building.

Mellon Bank is using the services of Flynn Co., Philadelphia, to help assess the damages and determine whether it is worthwhile to make repairs.

A Mellon PSFS branch at Broad and Chestnut Streets has not been affected by the closing of Two Mellon Bank Center. The branch, which was closed briefly after the Meridian Plaza fire, reopened on March 29.

"We regret the inconvenience that our tenants have experienced in the aftermath of the fire," said Thomas F. Donovan, chairman and chief executive officer of Mellon PSFS, in a prepared statement. "We will assist them any way we can as they look for new office space."

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