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Thread: One Chase Manhattan Plaza - by Skidmore, Owings & Merrill

  1. #61

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    New York City is now one of the fastest growing tech centers in the country, and has taken the #2 spot behind Silicon Valley, CA.

    The most concentrated growth is the area of Midtown between 14th and 23rd St. Since this report was prepared, Downtown Brooklyn has shown signs of emerging as a tech hub.

    New Tech City

    I would hate to see the plaza become less accessible.

  2. #62

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    Chase is not downsizing by 1m s.f. I wonder where they will go (e.g., Hudson Yards, 1 W TC, WFC).

  3. #63

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    4 New York Plaza

  4. #64

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    They also have unoccupied space in Jersey City at 575 Washington Blvd, and at 3 and 4 Chase Metro Tech. In addition they have a lot of space in midtown, at 270 Park, and 383 Madison, buildings they own, 277 Park where they have lease space, and where Chemical Bank (pre-Manny Hanny) maintained its corporate headquarters.

    They will also liklely relocate some of their remaining operating and technology businesses to Tampa, and Polaris where they have an immense operating facility in Columbus.

    This move will lead to a major restacking, but they have the space.
    Last edited by eddhead; October 15th, 2013 at 12:41 PM.

  5. #65

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    Chase has major operations, both front and back office all over the country. I know people from the NY offices that were moved down to Tampa (where they have a big operation.) Chase as we know it is a conglomeration of several banks, all of which had far flung (and near flung) offices. The ultimate buyer was what was called Chemcial bank, but they rolled in Manufacturers Hanover, Chase Manhattan (using that name), JP Morgan, parts of Bank of New York, Bank One, Texas Bancshares, Bear Stearns, and probably others. As they consolidate operations they can excess some of the real estate.

    I've worked for a couple of the antecedents over the decades, and still have friends there.

  6. #66

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    Quote Originally Posted by ZippyTheChimp View Post
    4 New York Plaza
    Why would anyone want that windowless fortress? Copious amounts of research shows that workers work better, and energy costs are cheaper, when they work in natural light.
    This is the building.
    Click image for larger version. 

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  7. #67

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    Because.....

    JPMorgan Chase is eager to complete the sale before the end of the year, given its legal and financial problems: last week, it reported a third-quarter loss of $380 million. The bank agreed a month ago to pay $1 billion to settle government investigations into multibillion-dollar trading losses in 2012. In separate negotiations with the Justice Department over questionable mortgage practices, JPMorgan Chase recently offered to pay a fine of about $7 billion and provide billions of dollars in relief for affected homeowners.
    Chase is downsizing. They are already in 4 NY Plaza, among other locations.

    What would you do?

  8. #68

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    Quote Originally Posted by BBMW View Post
    Chase has major operations, both front and back office all over the country. I know people from the NY offices that were moved down to Tampa (where they have a big operation.)
    True, but the largest facilities are in Tampa where Chase relocated most of its back and middle office wholesale banking, as well as its technology staff, just prior to the JPM acquisition; and Polaris which is located in Columbus Ohio where Bank One consolidated almost all of its data centers, retail ops, and wholesale back office operations. Chase has significant office space in Chicago, Detroit, Phoenix, Houston, Wilminton DE, and Dallas as well, but these are unlikely to be the destination points for the majority of displaced employees. Look to Jersey City and Metrotech to absorb a good deal of the staff for departments staying in the local area, and Polaris to absorb most of the rest. Tampa is pretty much over subscribed. Some front office staff will likely move to the midtown offices I mentioned above.

    Chase as we know it is a conglomeration of several banks, all of which had far flung (and near flung) offices. The ultimate buyer was what was called Chemcial bank, but they rolled in Manufacturers Hanover, Chase Manhattan (using that name), JP Morgan, parts of Bank of New York, Bank One, Texas Bancshares, Bear Stearns, and probably others. As they consolidate operations they can excess some of the real estate.
    Close but off by a little.

    A little known fact. The surving stock shares for Chase (officially known as JP Morgan Chase Bank, N.A., and it's holding company, JP Morgan Chase and Co.) are actually Manufacturers Hanover Trust Co. shares.

    BTW the JP Morgan brand is used exclusively in the Wholesale Bank and Investment Banks.

    The merger of Chemical and Chase was positioned as a merger of equals. From a balance sheet perspective, Chemical was slightly larger than MHT co, and it was determined early on that the surviving brand would be Chemical, primarily because Manufacturers Hanover Trust (itself a product of bank mergers) was deemed to be a clumsy brand. Although the Chemical brand survied,the MHT logo was used until the Chase acquistion.

    Never the less, Chemical Bank Holding company shares were converted to MHT Co.common stock following the holding company merger, and for a while the merged entity was listed on the NYSE under the MHT Co symbol. I am not sure why; it could be that although Chemcial was larger in assets, MHT may have had a larger market cap (or more outstanding shares as they traded at roughly the same price). After the banks merged, the symbol and stock name were changed to reflect the Chemical brand. But the stock itself is legacy MHT Co Stock.

    That means, technically, the ultimate parent company for the now combined firm is actually Manufacturers Hanover Trust Co.

    BTW, Wikipedia has this wrong, so don't bother checking there.

    I was there during the initial merger period and can attest to the fact that the politics were brutal. There was a lot of back-biting and people didn't talk to each other for years following the merger. Even clients in the Wholsale Bank, large companies and small, took sides.

    I was also there through all subsequent mergers as well, and like you have many friends there still.

    Quote Originally Posted by towerpower123 View Post
    Why would anyone want that windowless fortress? Copious amounts of research shows that workers work better, and energy costs are cheaper, when they work in natural light.
    This is the building.
    Click image for larger version. 

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Views:	497 
Size:	69.6 KB 
ID:	17703
    The building which was erected in the late 60's is said to be fashioned after a similar structure in Frankfurt (a butt ugly city). I can't find anyway to validate this, but rumor had it, the building was modelled to look like a computer card.

    I worked there for several years, and at the time thought it was OK ... it was my first job out of collage, and my first foray into the big city, so what did I know?

    The thing you have to remember, is that most people who work in large office buildings do not have access to windows and as a result, have limited access to natual lighting anyway.

    From there I went to 55 Water which was even worse, and 4 MetroTech which was a nice builiding to work in, but in a shitty location, before settling into 1 CMP, which despite its ugly exterior was a great building to work in.

    Still, I would rather be at 4 NYP than Jersey City.
    Last edited by eddhead; October 18th, 2013 at 10:58 AM.

  9. #69

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    Funny, I did a consulting assignment in that building back in the '90's

  10. #70

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    I was there until a out '93 or so, on the 19th floor from 90 - 93, before moving on to 55 Water. Lot's of techies there. I was not one of them

  11. #71
    Senior Member DUMBRo's Avatar
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    Quote Originally Posted by towerpower123 View Post
    Why would anyone want that windowless fortress? Copious amounts of research shows that workers work better, and energy costs are cheaper, when they work in natural light.
    This is the building.
    Click image for larger version. 

Name:	Pict0009.jpg 
Views:	497 
Size:	69.6 KB 
ID:	17703
    Carriage House charm!


    JP Morgan entrance by Stefano Massetti, on Flickr

  12. #72

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    Did they ever take down the fence around this building's plaza, or is it still no-man's land? I've got a half a mind to make a joke sign and affix it to the fence if it's still there. Hmm, "Skyscraper Jail", or "Please do not feed the suits, they have been known to bite."

  13. #73

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    Chase Plaza’s proposed glass storefronts raise C.B. 1 concerns

    March 17, 2015
    BY DUSICA SUE MALESEVIC


    The proposed new look of One Chase Plaza, (at William and Liberty Sts.) which is to be renamed 28 Liberty St.

    Let there be light and glass — the new owners of landmarked One Chase Manhattan Plaza want to add glass storefronts, new entrances, a piece of art, more lighting and 200,000 sq. ft. of retail.

    It will also have a new name: 28 Liberty Plaza. Chinese company Fosun brought the 60-story, 2.2 million sq. ft. tower for $725 million in late 2013.

    Frank Mahan, associate director for Skidmore, Owings & Merrill, presented the plans for the plaza at Community Board 1’s Landmarks Committee meeting on Thurs., Mar. 12.

    S.O.M. was the architect of the original building that was completed in 1964 and landmarked in 2009, explained Mahan. There are no proposed changes to the facade of the tower, which will remain an office building, he said.

    The ground floor — the level below the plaza — will be opened up with new entrances and glass storefronts, said Mahan. Currently, there are three points of entry that are “otherwise completely concealed by black granite around the entire perimeter of the site at street level,” he said.

    That black granite — 981 feet of it — composes the base that is below the parapet, said Mahan.

    “In this existing condition it’s not contributing to street life, it’s not contributing to the neighborhood, it’s not enlivening and activating the street, it’s not welcoming its neighbors to the plaza or into the building in any way,” he said.

    Mahan said that some of the original black granite would be interspersed between the glass storefronts.

    The glass will be “much more inviting, much more welcoming and help activate the street,” he said.

    Most everyone on the C.B. 1 committee agreed that the plan was an improvement, but some had concerns with replacing the landmark granite with glass retail storefronts.

    Glass would also be used to enclose an entrance on Nassau St., which is aligned with Cedar St., explained Mahan. The entrance goes down to the ground level, which he said is now a “dark hole.” There will be glass doors at the bottom of the stairs and the entrance will be illuminated.

    Lighting is an important component to make the plaza more welcoming, said Mahan. There will be a new network of visual focal points. There will be subtle lighting underneath the benches while trees and a new piece of public art will be lit as well, he said.

    Fosun will commission this new piece of public art, he announced. Currently at the plaza, there is the Isamu Noguchi’s “Sunken Garden” and Jean Dubuffet’s “Groups of Four Trees,” which will stay.

    “Fosun, the current owner, is committing to preserve and to establish a long-term conservation program for both of those,” he said.

    The underside of the tower, which is now an aluminum leaf ceiling with uplights that has no lighting on the exterior, will be a “new glass luminous ceiling,” said Mahan.

    There will also be additional access to the plaza, which now has three staircases and one ramp. Two new sets of stairs and a new ramp will be added, said Mahan.

    Also, all planters will be replaced with new ones that use original materials and detailing. There will be more signage, but all will be individually cut stainless steel letters and will be congruent, he said.

    The plaza could be programmed for activities such as film festivals or food markets, said Mahan, making “it a more meaningful part of its community.”

    Corie Sharples, committee member and one of the founding principals of SHoP Architects, said that she appreciated the commitment, effort and investment in the restoration, but she criticized the addition of glass.

    “The one thing that I think that’s kind of jumping out at me that seems like it could be improved on is the treatment of the plinth,” she said, referring to the black granite base.

    “While there’s no question that opening up to retail … and activating the street is a wonderful improvement over the black granite. I think that what’s being lost is the effect of the platform: the plaza hovering over the street,” she added.


    Some Community Board 1 members objected to the plan to remove most of this black granite from One Chase Plaza.

    The amount of lighting was also a point of contention.

    “The lighting — it’s awfully bright,” said Megan McHugh, a committee member. “It almost feels over lit.”

    “Garish,” threw in Susan Cole, committee member.

    “There are elements of garish in some of this,” said Bruce Ehrmann, the committee’s co-chairperson.

    “I’m there three or four times a week so I know that building pretty intimately,” said Cole. “That piece of light, there’s something — it’s just a little too much. It’s overwhelming.”

    Stacey Haefele, a resident of 20 Pine St., which neighbors the plaza, agreed that it’s an excellent addition but also had lighting concerns.

    “I do worry about the residents in my building who live directly across from all that bright lighting,” she said.

    Committee member Marc Ameruso questioned the glass-enclosed stair entrance.

    “It just sticks out like a sore thumb,” he said. “It doesn’t fit in with anything — anything contextually here.”

    Ehrmann agreed with Ameruso about the glass enclosure as well as the amount of lighting, but said he was “diametrically opposed” to the current proposal to replace the granite with glass.

    “The reason this is the rare modernist individual landmark is because of that,” he said. “It’s probably the most important design element in this building.”

    The committee unanimously passed a resolution approving the plan with caveats and consideration given to the lighting and the plinth. The advisory resolution will be considered by the full board Tues., March 24, and if it passes will be sent to the Landmark Preservation Commission, which is scheduled to take up the matter April 7.

    Erik Horvat, managing director for Fosun, said in a phone interview on Friday that he was pleased with how the meeting went.

    “I think that the comments were thoughtful,” he said. “And I think it’s nice to get a unanimous approval of some sort. I think it says that people understand that times have changed and that this building can be updated to reflect the new realities.”

    Horvat said that they would talk to the architects about the committee’s reservations about the lighting and the black granite.

    “We have to sit and have thoughtful conversations internally,” said Horvat, who has ties to Lower Manhattan. He used to be the director of World Trade Center redevelopment for the Port Authority and is on the board of the Downtown Alliance and the Lower Manhattan Cultural Council.

    “We met with [the Landmarks Committee] specifically to get their feedback,” he said. ”We’ll respect that — we just need to think through it.”


    The new look of the plaza will include the iconic art work, Noguchi’s “Sunken Garden” and Dubuffet’s “Groups of Four Trees.” Image courtesy of Fosun.


    New art work will be commissioned for the west plaza. The sculpture in this image is a placeholder. Image courtesy of Fosun.

    http://www.downtownexpress.com/2015/...-b-1-concerns/

  14. #74
    NYC Aficionado from Oz Merry's Avatar
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    Quote Originally Posted by DUMBRo View Post
    The brickwork is nice.

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