NEW YORK, April 1, 2019 NYI/ -- M&T Bank has been named the Founding Bank of The Shed, New York's new arts center dedicated to commissioning, developing and presenting new works across all disciplines, for all audiences. M&T will be the exclusive financial services sponsor. M&T has supported The Shed since the start of the project with crucial bridge financing that helped fund its design, planning, construction, and pre-open operations. M&T along with its subsidiary, the wealth management firm Wilmington Trust has become a multi-year partner providing major ongoing support for The Shed's live performance commissions.
"Thrilling is the word to describe seeing The Shed become a reality, as we have been involved with the project since Day One, when it was just a bold idea," said M&T's Regional President for New York City Blair Ridder. "We pride ourselves on providing a tailored approach to meeting the financial needs of our clients, and we are delighted that we could work hand-in-hand with The Shed to customize the financing needed to make their vision come to life. We look forward to supporting and experiencing the many inspiring and path-breaking new works of art that are sure to come."
This support of The Shed is representative of M&T's long-standing commitment to culture and the arts. The Bank is the presenting sponsor of New Jersey Performing Arts Center Dance Series, presenter of free First Fridays at the Albright-Knox Art Gallery in Buffalo, sponsor of Long Island Winterfest and a foundational supporter of many other cultural events and institutions across its communities.
M&T is the sponsor of the following performances, all live on The Shed's website, here.
"Our partnership with M&T has been a thoughtful and creative endeavor," said the Chairman of The Shed's Board of Directors Daniel L. Doctoroff. "They have been a nimble lender since we began our project in 2014 in their role as construction underwriter, and the continued support of M&T and its wealth management division, Wilmington Trust, has been a huge asset as we publicly debut this groundbreaking cultural institution."
M&T has long been one of the New York City area's leading commercial real estate lenders. As of December 31, 2018, M&T had New York City area commercial real estate loans of more than $8.7 billion. Recent commercial projects M&T provided financing for include the mixed-use redevelopment of the Domino Sugar Factory in Williamsburg by Two Trees Management, Extell Development Company's Brooklyn Point residential tower at City Point and Steiner NYC's development of Admirals Row in the Brooklyn Navy Yard.
Through Wilmington Trust, the bank is also a leading provider of wealth planning, investment management, trust and estate services for private and institutional clients. The Delaware-based Wilmington Trust serves clients globally and in all 50 states.
"Supporting The Shed is important to us and to our clients. The arts are a driving force for us and for many of those who trust us in managing their wealth and structuring their charitable support for these great institutions. Artistic sponsorships are a great way for us to give back to our communities and the clients we serve," said Wilmington Trust Executive Vice President and Head of Wealth and Institutional Services, Doris Meister.
The Shed, which has been called "one of the most significant additions to New York City's cultural landscape in decades" (New York Times), is a 200,000-square-foot arts center located on the West Side of Manhattan near the High Line. Opening on April 5, 2019, the $550 million project is housed in a newly built flexible building designed by Diller Scofidio + Renfro, Lead Architect, and Rockwell Group, Collaborating Architect. The Shed can be customized to present art across all disciplines and "aims to commission innovative works by risk-taking artists of all genres, striving to be a new model for how culture is created and consumed in the 21st century" (Wall Street Journal).
M&T Bank Corporation (NYSE: MTB)("M&T") is a financial holding company headquartered in Buffalo, New York. M&T's principal banking subsidiary, M&T Bank, operates banking offices in New York, Maryland, New Jersey, Pennsylvania, Delaware, Connecticut, Virginia, West Virginia and the District of Columbia. Trust-related services are provided by M&T's Wilmington Trust-affiliated companies and by M&T Bank.
About Wilmington Trust
Wilmington Trust's Wealth Advisory offers a wide array of personal trust, financial planning, fiduciary, asset management, private banking and family office services designed to help high-net-worth individuals and families grow, preserve, and transfer wealth. Wilmington Trust focuses on serving families with whom it can build long-term relationships, many of which span multiple generations.
Wilmington Trust also provides Corporate and Institutional Services for clients around the world.
Wilmington Trust has clients in all 50 states and numerous countries, with offices throughout the United States and internationally in London, Dublin, Paris, and Frankfurt. For more information, visit www.WilmingtonTrust.com.
About The Shed
Opening April 5, 2019, where the High Line meets Hudson Yards on Manhattan's west side, The Shed commissions original works of art, across all disciplines, for all audiences. From hip hop to classical music, painting and sculpture to literature, film to theater and dance, The Shed will bring together leading and emerging artists and thinkers from all disciplines under one roof. The building—a remarkable movable structure designed by Diller Scofidio + Renfro, Lead Architect, and Rockwell Group, Collaborating Architect—physically transforms to support artists' most ambitious ideas. Committed to nurturing artistic invention and bringing creative experiences to the broadest possible audiences, The Shed, led by Artistic Director and CEO Alex Poots, is a 21st-century space of and for New York City.