NEW YORK | 270 Park Ave | 1,389 FT | 57 FLOORS

[DCReid]

Although I like X braces in Hancock and Tower Verre, and wished 3 WTC kept them, I don't think the X braces are elegant in this building. I guess we'll see once it is built and assuming it is not value-engineered.

[JMKeynes]

Originally Posted by DCReid

Although I like X braces in Hancock and Tower Verre, and wished 3 WTC kept them, I don't think the X braces are elegant in this building. I guess we'll see once it is built and assuming it is not value-engineered.

JPMC is one of the richest corporations in the world. There will be no v-e here.

[Prezrezc]

Indeed. Why would they VE their own (IIRC) new world HQ designed by a man whom they commissioned to just that?

[mrnyc]

did a walkaround yesterday

[NYguy]

Looks like 383 Madison could potentially be sold.


https://www.bloomberg.com/amp/news/a...-new-york-area

JPMorgan Weighs Shifting Thousands of Jobs Out of New York Area


By Michelle Davis
October 28, 2019

JPMorgan Chase & Co.’s new Manhattan headquarters is meant to be an ode to the both company and the city -- a monumental glass-and-steel tower that says the nation’s largest bank grew up here. But New York may be losing its luster.

Despite more than two centuries of history in a city synonymous with the global financial industry, JPMorgan is quietly shrinking its workforce there. The bank’s been building up its presence in other locations and is now considering relocating several thousand New York-based employees out of the area to help rein in costs ahead of a possible economic downturn, according to people with knowledge of the bank’s strategy.

One option is to sell the investment-banking headquarters, at 383 Madison Ave., long the main hub for JPMorgan’s bankers and traders. Executives are deciding what roles could be relocated to lower-cost hubs such as Plano, Texas; Columbus, Ohio; and Wilmington, Delaware. In the investment bank and asset-management group, the moves will primarily affect non-client-facing workers, but could also impact junior-level investment bankers, some of the people said.

The moves are a response to a variety of forces that weigh on companies doing business in New York, including high taxes and expensive real estate. JPMorgan is also making good on a threat to move jobs out of the city after Mayor Bill de Blasio’s administration in 2014 rejected the bank’s demands for as much as $1 billion in tax breaks and cash to keep employees in New York. Dimon said privately in the years after the financial crisis he didn’t think New York politicians stood up for one of the region’s biggest industries.

The collapse of the Amazon deal also hurt one of the arguments for keeping more employees in New York, according to people briefed on the plans. Executives had hoped Amazon’s arrival would lure more tech-savvy workers to the area, with JPMorgan planning to draw from the same pool to add to its 50,000 tech staffers, said the people.

Discussions about JPMorgan’s overall location strategy remain fluid, and the bank doesn’t yet have a final tally on how many employees it will keep in New York. One person with knowledge of the talks said the decisions hinge on how many people the bank decides to put at its new headquarters, and whether the bank decides to sell 383 Madison, which was picked up in the fire-sale purchase of Bear Stearns Cos. in 2008 and is serving as a temporary staging area for executives while 270 Park is dismantled. JPMorgan has not yet determined what to do with 383 Madison, and any decision may be years away.

[Parzival718]

Originally Posted by NYguy

Looks like 383 Madison could potentially be sold.


https://www.bloomberg.com/amp/news/a...-new-york-area

JPMorgan Weighs Shifting Thousands of Jobs Out of New York Area


By Michelle Davis
October 28, 2019

Exactly what I had said a few months ago New York will eventually be exclusively bankers, traders, and executives. HR is another big division they are relocating, 300+ people got layoff notices between August-September mostly at 28 Liberty and Jersey City.

[tdawg]

"to help rein in costs ahead of a possible economic downturn." I wonder what they know that we don't? We'll be getting a preliminary GDP report tomorrow.

[Crawford]

Originally Posted by Parzival718

Exactly what I had said a few months ago New York will eventually be exclusively bankers, traders, and executives. HR is another big division they are relocating, 300+ people got layoff notices between August-September mostly at 28 Liberty and Jersey City.

Yes and no. Chase has been eliminating/consolidating big-time this year, but the previous article sounds like politicized nonsense.

Chase is closing/consolidating all over the country. They just cut hundreds of positions in Newark, DE (Wilmington). They're laying off hundreds in underwriting in Columbus. Also big layoffs in Plano, Milwaukee and Phoenix. Their tech count is going to massively downsized/offshored (thanks for that "corporate tax cut", Congress).

So they're reorganizing their business nationwide. The article paints a very different narrative; that Chase is moving employees from high cost to low cost locations, and that isn't happening (unless you count U.S. to India and Eastern Europe). They still have a lot of fat from all their acquisitions over the decades, and investors seem to like the cuts.

[Parzival718]

Originally Posted by Crawford

Yes and no. Chase has been eliminating/consolidating big-time this year, but the previous article sounds like politicized nonsense.

Chase is closing/consolidating all over the country. They just cut hundreds of positions in Newark, DE (Wilmington). They're laying off hundreds in underwriting in Columbus. Also big layoffs in Plano, Milwaukee and Phoenix. Their tech count is going to massively downsized/offshored (thanks for that "corporate tax cut", Congress).

So they're reorganizing their business nationwide. The article paints a very different narrative; that Chase is moving employees from high cost to low cost locations, and that isn't happening (unless you count U.S. to India and Eastern Europe). They still have a lot of fat from all their acquisitions over the decades, and investors seem to like the cuts.

The article definitely has a political slant with the DiBlaisio amazon nonsense. But there is absolutely a shift out of NYC, even with the current rounds of layoffs (mostly in the consumer lending spaces), I would say Newark and Plano are still a net positive.

They have also been increasingly shitty with the layoff process. Communicating riffs in vague terms with long windows of when the position will be eliminated, hoping for natural attrition without the need to pay severance.

[NYguy]

It just may make sense to move employees elsewhere rather than continue to lease space if they sell 383 for example. 270 will only hold so many.

Anyway, I had hoped the story would be followed by a release of official renderings.


https://www.foxbusiness.com/markets/...s-new-york.amp

In response to Bloomberg’s report that J.P. Morgan was even considering selling its New York headquarters, a company spokesperson said the company is committed to the city and expects it to be its largest location for the foreseeable future.

“We are building our new headquarters in Manhattan that will house twice as many employees (12,000 people) as our old headquarters,” the spokesperson said.

JPMorgan has its current headquarters at 383 Madison Avenue in Manhattan. Last year, it unveiled plans to build a headquarters at 270 Park Avenue.

[chris08876]

New Renderings Of Midtown Skyline Include Foster + Partners’ 270 Park Avenue Tower

In an exclusive reveal, new renderings illustrate evening views of 270 Park Avenue in Midtown East. The JPMorgan Chase headquarters is expected to top out in excess of 1,400 feet above ground, introducing a dominating new form to the Manhattan skyline.

Designed by Foster + Partners with Adamson Associates, the skyscraper will replace the existing 707-foot Union Carbide tower. A majority of the structure should be dismantled by the end of 2020. When complete, 270 Park Avenue will stand as the third tallest building by roof height in Manhattan.

As previously reported by YIMBY, trading floors will occupy the lower levels of the building, with mechanical floors, landscaped terraces at setback levels, and amenity floors above. The setbacks continue up to the apex of the structure. In sum, the building is expected to yield around 2.5 million gross square feet.

A completion date for 270 Park Avenue has not been announced.

==============
NYY

[jayden]

Looks great in those renderings

[NYguy]

https://www.instagram.com/p/B4cyWxXhtwA/

[Submariner]

When are we going to get a diagram of this beautiful tower?

[Parzival718]

I’m still slightly salty about this building being demolished but I’m excited to see how it will look in the skyline.

My personal favorite view of the city is the east bound belt Parkway between exits 11-13.

Pardon the terrible quality but you get the idea. I placed the X where about the new tower will be.

[pianowizard]

Originally Posted by DCReid

Although I like X braces in Hancock and Tower Verre, and wished 3 WTC kept them, I don't think the X braces are elegant in this building.

IMO the X braces look fine during the daytime, but if they are lit at night they look a bit like Christmas lights, so I hope they won't be lit at night (except in late December):

Originally Posted by JMKeynes

[JMKeynes]

I think it looks amazing lit up at night. I'm pretty sure that they'll be illuminated.

[Busy Bee]

They're not so much x braces as they are argyle diamonds. I wish they were x braces, I cannot not see elevator buttons.

[toddguy]

Those illuminated diagrids will look great. I love this building. I like how it helps fill in a new plateau with the other supertalls in the area. It has bulk but an appropriate taper as well and looks good!

*And can some of those Chase jobs that are being outsourced please come to Cbus? lol.

[patriotizzy]

Originally Posted by NYguy

I’m still slightly salty about this building being demolished but I’m excited to see how it will look in the skyline.

You're still slightly salty they demolished one of the four box towers that look exactly the same? I don't get it. It has NOTHING going for it.