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Thread: New Goldman Sachs Headquarters - 200 West Street - by Henry Cobb of Pei Cobb Freed

  1. #76

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    I read somewhere in this thread that Lehman Brothers left NYC, but from what I hear now, they really want to stay in the City.

    Oh, sorry to get even more off-topic, but I heard that E* Trade is going to move it's HQ to NYC

  2. #77
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    Who are they?

  3. #78

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    E Trade is a pretty large online brokerage businesses..I think...

  4. #79

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    Lehman Brothers co-owned 3 WFC with American Express. In 2002, they sold their stake in the building to Brookfield, and moved into new headquarters at 745 7 Ave.

    E Trade is an internet brokerage. They also have banking interests.

    Not really such a big deal. An old article from BizNet:

    Thursday, December 18, 2003

    E-Trade Moving Headquarters to New York


    E-Trade Financial Corp. is moving its headquarters from Silicon Valley to New York next year in the company's latest step to distance itself from its roots as a dot-com rebel.


    The Jan. 1 address change, announced Wednesday, is largely symbolic.

    The company, best known for its Internet stock brokerage, expects only three or four of the 360 employees at its Menlo Park headquarters to transfer to New York; the remainder of the Menlo Park workers are expected to remain in the same office, which will remain the company's technology hub, E-Trade spokeswoman Connie Dotson said.

    But some of those technology jobs eventually may be exported overseas. E-Trade acknowledged Wednesday it soon may join the herd of other U.S. employers trying to boost profits by sending some technology work to the less expensive labor pool available in other countries.

    A decision on whether that move makes sense, and how many jobs might be affected, is likely to be reached during the first half of 2004, Dotson said. Roughly 90 percent of E-Trade's 4,000 employees are based in the United States.

    The move to New York largely reflects E-Trade's desire to be taken more seriously as a diversified financial services company.

    Besides its stock brokerage, E-Trade owns a growing online bank with $11.3 billion in customer deposits and has been trying to become a bigger player in the mortgage and mutual fund industries.

    "We have become a leader in the financial services industry, so we thought we needed be headquartered in New York," Dotson said.

    E-Trade has made its home in Silicon Valley since entrepreneur Bill Porter launched the company, originally called Trade Plus, in 1982.

    But most of E-Trade's top managers have been working on the East Coast since Christos Cotsakos, its leader during the company's dot-com heyday, stepped down as CEO in January to appease investors incensed about his $80 million compensation package last year.

    Mitchell Caplan, E-Trade's current CEO, and Arlen Gelbard, who runs E-Trade's bank, both work in Arlington, Va., where they will remain even after the headquarters move. Jarrett Lilien, E-Trade's chief operation officer, has been in New York for months.

    E-Trade's current management team has assumed a lower profile and a more buttoned-down approach than the colorful Cotsakos, who delighted in thumbing his nose at the financial services establishment. Cotsakos trumpeted E-Trade's irreverent attitude in often-zany TV commercials that helped build one of the Internet's best-known brands.

    The change in style has paid off for E-Trade so far, with the company's stock soaring 155 percent since Cotsakos' departure. E-Trade had earned $95.6 million through the first nine months of this year, reversing a loss of $216.8 million at the same time last year.

    E-Trade told analysts Wednesday that its 2004 earnings will range from 70 cents to 85 cents per share, up from a projected 50 cents to 54 cents per share this year.

    The company's shares gained 33 cents Wednesday to close at $11.43 on the New York Stock Exchange.


    Copyright © 1999-2004 BizReport Network. All rights reserved.

  5. #80

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    Quote Originally Posted by ZippyTheChimp
    1 NY Place sure has legs, for a non-project.
    I wouldn't classify it as a non-project. The developer never owned the land to begin with. You think the project dead if it wouldn't be at that exact location?

  6. #81

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    Quote Originally Posted by NYguy
    You think the project dead if it wouldn't be at that exact location?
    Yes, it would be a different project with different economics. The value of the original location is the transit center. Probably a square block would be needed, but about half was being cleared by eminent domain. Any other site would be more expensive to aquire.

    Given the vacancy rate at the present, and the fact that 7 large buildings will be coming on market in the next decade, I can't see this project going forward any time soon.

  7. #82

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    Given the vacancy rate at the present, and the fact that 7 large buildings will be coming on market in the next decade, I can't see this project going forward any time soon.
    I can, its office presence wont flood the market. As downtown continues to attract residents, I can see this as the culmination of the transformation.

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    I guess we should give it some time. Davis himself said that when looking at this project, he was looking toward the future of Lower Manhattan.

  9. #84

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    NY Post...

    GOLDMAN, BROOKFIELD BUTT HEADS ON HOT LOT

    By WILLIAM NEUMAN

    February 19, 2004 -- A heavyweight showdown is brewing over an empty lot next to Ground Zero that two downtown powerhouses covet as a site for a new skyscraper, The Post has learned.

    Goldman Sachs has been in talks with the Battery Park City Authority to build a 1.8 million-square-foot office tower on the lot, known as Site 26, at the northwest corner of West and Vesey Streets.

    But Brookfield Properties, downtown's biggest landlord and the owner of the World Financial Center, has long claimed development rights to the site, and could stand in the way of Goldman's plans.

    Battery Park City took Brookfield to court in March 2001, challenging the powerful real estate firm's claims to the property, but the legal action was dropped without being resolved after the 9/11 attacks.

    Both Goldman and Brookfield declined to discuss the talks.

  10. #85

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    Quote Originally Posted by ZippyTheChimp
    There is one fly in the ointment. Brookfield and the Battery Park City Authority have been in a legal battle for years over development rights on site 26b.
    Can't overlook those flies.

    From what I remember about this fight, Brookfield kept releasing statements about documents that proved that they had the development rights, but never released the documents. BPCA stated that the ambiguity about who had control was hampering development of the site, and they initiated the suit in March 2001 to force the release of the documents.

  11. #86
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    Well, how about Goldman gets to build on the Deutche Bank site?? I guess Larry would have som issues with that one.

  12. #87
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    Obviously there are issues for Goldman Sachs with regard to negotiating with Silverstein for one of the new WTC buildings.

  13. #88

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    Quote Originally Posted by billyblancoNYC
    Well, how about Goldman gets to build on the Deutche Bank site?? I guess Larry would have som issues with that one.
    Not only Larry, but the PA, the governor, even Libeskind...



  14. #89
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    Should we include the BPC Authority, the owner of Embassy Suites, and any residents in the general area?

  15. #90
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    I doubt the hotel owners care much. There are barely any room windows facing the site, and if anything it'll add office workers who might recommend the hotel to friends and family.

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