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Thread: 30 Hudson Street - Goldman Sachs Tower - New Jersey's Tallest - by Cesar Pelli

  1. #76
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    Default 30 Hudson Street

    August 3, 2003


    On the water's edge:



    More work on the crown:



    Closer look at the skin:



    Different view:

  2. #77
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    Default 30 Hudson Street

    From the article in the other thread..

    "But Mellon is also looking at Lower Manhattan for backoffice solutions"

    I think that's a first, usually the back offices are in New Jersey.

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    Default 30 Hudson Street

    "Mellon narrows search to two cities

    Says its regional base will be in Jersey City or East Rutherford


    Monday, August 04, 2003


    BY GEORGE E. JORDAN
    Star-Ledger Staff

    Mellon Financial, the investment company hunting in New Jersey for a regional headquarters, said it has zeroed in on Jersey City and East Rutherford.

    The leading candidates include Goldman Sachs' 42-story office tower under construction on the Hudson River, a neighboring waterfront site owned by Hartz Mountain Industries and land near the Meadowlands Sports Complex owned by Lincoln Equities.
    * *
    Jim Aramanda, Mellon's vice chairman, said in a note to the company's Garden State staff this week the company has ruled out existing and proposed buildings in Basking Ridge, Warren, Parsippany and Newark.

    "These locations would have resulted in significant adjustments in employee commuting patterns and, therefore, potentially greater disruption in our operations," he wrote.

    The executive also said Mellon has narrowed its search for space in New York City to Lower Manhattan. He said the company, whose clients are clustered in Manhattan and Boston, would announce its final choices in Manhattan and New Jersey before the calendar flips to 2004.

    Pittsburgh-based Mellon, which has six offices in Bergen County, has evaluated proposals since May from the state's biggest commercial builders and landlords for 1 million square feet of office space in northern and central New Jersey. The company wants to move in by 2005.

    The state's most prominent commercial builders -- Hartz, Lincoln Equities, Matrix Development, The Gale Co., Mack-Cali Realty, Forest City Ratner, Advance Realty Group and Mills Corp. -- all responded to the call. Their proposals were screened by Mellon's real estate adviser, Cushman & Wakefield. Every company involved has signed a confidentiality agreement barring public discussion of the search.

    Only a small portion of New Jersey's vast inventory of existing suburban offices and corporate campuses fit Mellon's needs, and only a few developers could offer sites to accommodate such a big building.

    Matrix, the family-owned company based in Cranbury, earlier this year announced plans for a hotel- condominium development along Newark's Passaic River. Matrix abruptly changed directions and scrambled to offer a deal to Mellon, a one-time bank that has evolved into a corporate financial services company.

    Joseph Taylor, Matrix's president, could not be reached for comment. But he has if the Mellon deal did not materialize, Matrix would follow through on its original plan to build 300 luxury residences and a hotel near Newark Penn Station.

    "Newark was extremely attractive," Mellon spokesman Ron Gruendl said. "Mellon and its advisers were extremely impressed with the city's and state's plans for Newark and the progress they all have made in taking Newark to the next level of its renaissance."

    Gruendl did not explain why Mellon rejected the state's largest city.

    In recent years, Newark has struggled mightily to become the budget alternative to Hoboken and Jersey City, which is known as Wall Street West for its abundance of law, accounting and Wall Street back-office operations. "

  4. #79

    Default 30 Hudson Street

    Quote: from STT757 on 6:09 pm on Aug. 4, 2003
    From the article in the other thread..

    "But Mellon is also looking at Lower Manhattan for backoffice solutions"

    I think that's a first, usually the back offices are in New Jersey.
    Congratulations, you're moving up in the world.

  5. #80

    Default 30 Hudson Street

    Quote: from NYatKNIGHT on 2:49 pm on Aug. 4, 2003
    August 3, 2003


    On the water's edge:



    More work on the crown:



    Closer look at the skin:



    Different view:
    Thanks for the excellent photos. The skin looks rather rough to me, not that I mind.

  6. #81

    Default 30 Hudson Street

    I wish my camera hadn't run out of memory. I just came back from Orlando on plane and I saw a great view of the building from the plane.

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    2 Years Later-The Goldman Sachs building shows we are recovering.

    Unfortunatly, I wish it was on the other side of the Hudson.

    Oh Well.

    Hooray for Jersey, though.

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    Meanwhile, Customs has moved the bulk of its major operations to a building on Raymond Boulevard in Newark. Aside from a token force of seven clerks on Bowling Green, officials refuse to recommit to Downtown, and are taking heavy flak from the media, especially the Daily News. Forgive me for saying this, but I can't help but notice that Customs' abandonment of Downtown has gone all but unnoticed on the forums.

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    Default

    9/10


  10. #85
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    I thought the crown was supposed to be translucent.

  11. #86

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    It might be surprising at night. Well, it'll be if they adopt the HK style.

  12. #87

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    They will, thats what it looked like in the realeased renderings

  13. #88

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    July 11, 2004

    Arrested Development

    By JONATHAN MILLER

    JERSEY CITY

    THE Goldman Sachs building juts out of the left bank of the Hudson River like a fat, shiny, blue thumb. Its tapered top can be seen from as far south as Exit 12 on the Turnpike in Rahway. But what can't be seen from Exit 12 is that the top third of the 40-story Jersey City building - 13 floors, to be exact - will be empty for the foreseeable future.

    It is a long way from four years ago, when the company stunned the financial community by announcing its intention to move much of its operation to New Jersey, and officials here boasted about landing one of Manhattan's most respected financial firms.

    The building itself - designed by Cesar Pelli, the architect of the Petronas Towers in Kuala Lumpur, the world's tallest structures - was planned on a grand scale. Inside it is a palace, with polished marble from Italy and France lining the walls and floors. A silver-green aquatic hue dominates. The panoramic picture-window lobby focuses its gaze on the towers of Lower Manhattan.

    Its back, however, is turned to the rest of New Jersey.

    The symbolism cannot be denied. In the last few years, the blue-chip investment banking firm that owns the building - the tallest in New Jersey, at 781 feet - has significantly scaled down its plans on this side of the Hudson, cutting back on the building complex and the number of employees who will work there while at the same time planning a tower just north of the World Financial Center in Lower Manhattan.

    Not surprisingly, developers and public officials alike are concerned, publicly praising Goldman Sachs but privately wondering what is going on. As one major waterfront landlord put it, "I don't understand it." Moreover, their fears are set against a backdrop in which commercial construction along the river has all but ceased, and there is a struggle to fill millions of square feet of empty office space.

    The problem, according to James W. Hughes, dean of the Edward J. Bloustein School of Planning and Public Policy and Rutgers University, was that overeager companies projected growth based on late-90's numbers and fretted where they would put all the new employees.

    "They made a fatal mistake," Dr. Hughes said. "Employment ratcheted up in '97, '98, '99, and they assumed their employment was going to grow. They over-leased space."

    Today, he said, leases that were written in the late 90's are ending, "so all of the sudden a lease that was a tenant problem is starting to become a landlord problem."

    Still, compared with the late 80's and early 90's, when landlords went bankrupt and buildings stood empty, today's world is much less severe. And New Jersey is continuing to lead the New York area out of the throes of recession and unemployment.

    "They're going to feel it," Dr. Hughes said, "but I don't think it's a disaster."

    Not a disaster, but not great news either. And while most developers say they remain bullish on what is known as the Gold Coast - including the riverside Hoboken, Jersey City and Weehawken - there is an underlying sense that the future, once so bright, may have dimmed.

    Goldman Sachs had announced that it would move a large part of its operations - about 6,000 of its 12,000 employees - from Lower Manhattan to a 1.3-million-square-foot tower complete with a university, convention center and upscale hotel, all atop property that once produced Colgate toothpaste and Palmolive soap.

    In April 2000, when the project was approved by the local planning board, commissioners could barely contain their glee. "I really think this is a defining moment for us, for our future, really," said Scott Seale, one board member.

    13 Floors Are Vacant

    But that future has not exactly panned out. Many of the plans and computer simulations presented at that hearing have been shelved. Only 3,000 Goldman Sachs employees are expected to move to New Jersey by the end of the year, and company officials say the top 13 floors of the 40-story building will remain mothballed for now, along with the hotel and the university.

    Matters seemed to turn for the worse last winter, when speculation flared in the brokerage community that Goldman Sachs was seeking to put much of the space on the open market, which would have flooded an environment already awash in vacancies. Goldman Sachs officials now say that the Mellon Financial Corporation had expressed an interest in occupying part of the building but that they rejected the proposal.

    "It's better for us to have empty space and take it over later than to scramble around and look for space when the market picks up," said one Goldman Sachs official who spoke on the condition of anonymity.

    Nonetheless, the firm's shrinking commitment to Jersey City has raised concerns. For the last few months, Goldman Sachs has been working to get approval for a 40-story tower in Battery Park City, near the World Financial Center, while New York officials - still stung by the company's partial move to New Jersey - are trying to woo it to the former World Trade Center site.

    For their part, company officials say that the building they intend to develop, on what is called Site 26 in Battery Park City, is simply a piece in its long-term planning. They say they are not turning their backs on New Jersey.

    "That's not an accurate interpretation," said Timur Galen, a managing director of global sales strategies at Goldman Sachs. "The driving reason for Site 26 was to combine the sales and equity trading business split between 85 Broad and One New York Plaza."

    In the company's 112-page annual report for 2003, "Jersey City" appears just once - and that reference is in a negative context of higher expenses resulting from construction plans being postponed at 30 Hudson Street.

    Many of the company's 12,000 employees were never thrilled with the notion of working in New Jersey rather than Wall Street. The company touched off a near-revolt when it said in 2002 that a good portion of its equity trading division - some of the highest-profile workers in the company - would be shifted to New Jersey.

    Though most of those traders will remain in Manhattan, some from Spear, Leeds & Kellogg, a division of Goldman Sachs, are now working in Jersey City. Still, company officials said they were having difficulty persuading employees to move from Manhattan to New Jersey.

    'Not Exactly Paris'

    "It's not exactly Paris with the left bank and the right bank," Mr. Galen said, "but give it time."

    Officials are convinced that once workers see the building they will become quick converts. The tower is fronted by grand columns and 25-foot-high windows with postcard views of Lower Manhattan. It has a ferry slip, a helicopter landing pad, a nursery and day-care center for 40 children, a spectacular, well-equipped gym and offices with sweeping views of both New York and Jersey City - all a five-to-eight-minute ferry ride away, every 10 minutes, from Lower Manhattan.

    While a formal grand opening will take place later in the year, a spokesman said, about 1,500 traders as well as operations and administrative employees are already at work in the building.

    The plight of the Goldman Sachs building is emblematic of Jersey City and waterfront office development in general. Only one office project has broken ground since the attacks of Sept. 11. According to a report by Cushman & Wakefield, only 444,700 square feet of space was leased in the first six months of this year, compared with 3.7 million square feet in 2000. A scant 138,000 square feet of space was leased in the first three months of this year.

    "Although slightly exceeding the pace set at this time last year," the report said, "this activity is still historically weak for this desirable region of the country."

    The vacancy rate for office space in Weehawken, Hoboken and Jersey City, which stood at just 1 percent in 2000, soared to around 19 percent last year and now stands around 17 percent, according to Cushman & Wakefield - though that last figure does not account for hundreds of thousands of square feet of empty floors in the Goldman Sachs building.

    Harborside Plaza 5, a 980,000-square-foot waterfront building that opened in 2002, has an astonishing 34 percent vacancy rate, despite recent deals with tenants. Mitchell Hersh, the chief executive of Mack-Cali, a Cranford-based company that owns the building and about three million other square feet of office space on or near the waterfront, acknowledged in a recent interview that the going had been rough. But he said he was confident that Jersey City and the waterfront would grow once the economy picked up.

    "We have deals in process," Mr. Hersh said, "and I think we'll see it significantly reduce the unleased space in that building. We have a high level of activity."

    The flurry of construction at the close of the 1990's was encouraged by cities eager to put up tall buildings that they saw as cash cows.

    "My philosophy was these buildings had to get approved with a quick response," said Jeff Kaplowitz, a former chairman of Jersey City's planning board who oversaw many of the approved plans. "Buildings in the ground meant higher ratables for Jersey City."

    Yet the flurry left behind sparkling new buildings with no one to fill them as the economy plunged. Mr. Hersh's optimism notwithstanding, down the road may not be so rosy, either. For instance, even though companies like Lord Abbett, a money management firm, and the publishers John Wiley & Sons moved their entire headquarters to the Gold Coast in the 1990's, the perception lingers that New Jersey is still the minor league.

    "You know, image counts for a lot," said Richard LeFrak, chief executive and president of the Lefrak Organization, which owns six million square feet of office space in the Newport section of Jersey City. "What I can say is that as a practical matter there's a vibrant market in Jersey City, Hoboken and Weehawken. People are happy to move there. Eventually, that'll translate into an image change."

    Yet as downtown Manhattan rebuilds, Brooklyn is built out, and other parts of New York start development, that could mean competition for Hudson's waterfront that did not exist in the 1990's.

    "Look how far rents have come down in Manhattan," said Chris Jones, a vice president for research at the Regional Plan Association. "It's not as big a difference as it used to be."

    The allure of Manhattan has been sweetened even more with Liberty Bonds, a financing incentive introduced in the aftermath of Sept. 11, according to Mr. Jones. And the movement of companies to Midtown from Lower Manhattan has made the Gold Coast less attractive than it once was.

    Still, many people on the west bank of the Hudson insist that Jersey City has not lost its luster. They remain certain that the relative ease of approvals, tax incentives and transportation connections will keep the waterfront competitive.

    'It's Still Growing'

    "I think it's still growing," said Eugene Nelson, chief executive of the Jersey City Economic Development Corporation. "And I think it's going to continue to attract back offices from New York as well as front-line offices from New York. There's a lot of space simply because there was such a building boom a few years back. It simply takes time for the tenancy to catch up with that."

    To be sure, business has begun to pick up recently, brokers and owners say. For starters, the reopening of the Exchange Place and World Trade Center PATH stations late last year helped, they said. Leases have been signed - mostly on the smaller 10,000- to 20,000-square-foot spaces, and other potential tenants have been kicking the tires and looking around, so that the hemorrhaging seems to have stopped.

    Some bright spots include 101 Hudson Street, the second-tallest building in the state. About a third of the building was vacant until a few months ago, when three companies signed deals totaling 240,000 square feet. And Mellon, after being rejected by Goldman, is now reported to be interested in taking about 600,000 square feet in another new building just up the waterfront - Newport Office Center VII - though a deal has not been signed and Mellon officials would say only that they were looking at space in New Jersey.

    Meantime, some of the grand plans of the last five years remain just that: grand plans. About five million square feet of office space approved in the last five years are realities on paper only. Mr. Hersh of Mack-Cali, a major waterfront developer, said that construction on these plans had little chance of moving forward any time soon. "I don't see much happening over the next couple years," he said.

    But when construction does resume, things will probably be less frenetic this time around. Mr. LeFrak said that developing on speculation - essentially constructing buildings with no confirmed tenants - was a gamble that paid off in six buildings in the 1990's at Newport, but would be an unlikely prospect this time around. Others - including Mr. Hughes of Rutgers - argue that most banks would be hesitant to finance such schemes. Mr. LeFrak also said that landlords on the waterfront should look to diversify the companies they woo - and seek fewer financial service firms but more tenants that are less sensitive to the vagaries of Wall Street.

    'I'm Impressed'

    Those vagaries have hit Goldman Sachs, which since 2001 has shed almost 15 percent of its work force. The employees now making their way to the new building in Jersey City, some undoubtedly grumpy, may change their tune once they start working in the building.

    "Everyone complained about it at first when they heard about it," said Corinne Monson, an administrative assistant who was lounging on a bench as a helicopter powered its rotors on the nearby pad.

    But, Ms. Monson said, many of the employees were won over by the building.

    As for her? "I'm impressed," she said.

    She also lives in Hoboken.

    Copyright 2004 The New York Times Company

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    For their part, company officials say that the building they intend to develop, on what is called Site 26 in Battery Park City, is simply a piece in its long-term planning. They say they are not turning their backs on New Jersey.

    "That's not an accurate interpretation," said Timur Galen, a managing director of global sales strategies at Goldman Sachs. "The driving reason for Site 26 was to combine the sales and equity trading business split between 85 Broad and One New York Plaza."
    Well that explains part of their reason for wanting to built a new 40 story building at BPC. But why no just move everyone into a bigger building and have an 80 story building instead. It is so dumb to have two buildings especailly with such distance from eachother. They should sell the one in NJC and built a higher building in BPC. But of course maybe nobody wants to buy in NJC at the moment and so they are stuck for a while. Too bad. That bulding in NJC is such a beautiful building.

    I guess they were no thinking about BPC when the went along with this project in NJC...Maybe they should it had a little bit of patience. Now I know they are getting liberty bods deals for the new building. When they started the new building in NJC was there any Liberty bonds during that time? Because it might explain why they decided to come back to downtown to take advantage of the new one I guess. :?

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