Depending on the terms of the trust, the trustee might be able to distribute funds to you to purchase the property. It may or may not agree to do this, even if permitted.
You could discuss with the other trustees, I assume individuals, not other banks, the possibility of moving to a different trustee. From the language you quoted it seems the trust requires an independent trustee, but not necessarily a bank or trust company. Depending on the circumstances it may be possible to appoint an individual who would charge you little or nothing to arrange the investments as you prefer.
The bank has lots of expenses and liability exposure by serving as trustee. Although banks and trust companies make much of their investment expertise, their expenses associated with this part of the work are quite low. But keeping the whole operation in business is costly. Even at the fees they charge, many bank trust departments lose money for the institution. There are some banks, particularly in asset protection states, that will do the limited administrative work for a much smaller fee. They delegate the investment management to a person or business of your choosing.
Depending on the size of the trust, this might be worth it to go this route if you follow bsteiner's advice and decant the trust so that it remains in force long term, rather than ending at the specified ages. If you keep the distribution plan in place then it may not be worth going through the hassle to switch. Plus, the banks that do this want big trusts and might not be interested if they knew the amounts would drop sharply and then disappear in a few years.
Although I agree with Gill that there is no reason to expect the bank to discount your fees because it simply puts all the money into an index fund, it might agree to invest that way while charging its standard rates. You would get a better portfolio but still pay the 1%.
If you are in a position to invoke the terms to change the independent trustee and the value of the trust is substantial the current bank might be prepared to negotiate its fees. It will still be a lot by bogleheads standards but less than what you are paying now.
I share the puzzlement at mandating an independent trustee for a trust that will distribute all the assets. The independent requirement protects the assets but that protection ends when the funds come out.

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