Quote:
Originally Posted by Parzival718
Yes along with most of their staff in the city. From what I was told by a friend of mine who is very senior at the firm (ie. works for one of Jamie Dimons Direct reports) They were planning to build 1500+ ft tall but when some of the engineering came back, it would be exponentially more expensive to build taller. They are going to lean more heavily on location strategy, any function that doesn't need to sit next to its business is out of the New York area to places like Newark De, Columbus OH, and Plano TX. This building is pretty much going to be full of only traders, bankers and executives.
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None of this makes any sense. There is no difference in engineering a 1,400 vs. 1,500 ft. building, the size of the building hasn't changed (the shorter version was the same size as the taller one), Chase doesn't have non-core functions in Manhattan (and hasn't for decades), and it wouldn't make any sense to move core employees to, say, Plano, when they're already subleasing empty space locally.
And if costs were a primary consideration, they wouldn't have pursued the most expensive solution available. You would have a hard time imagining a less cost effective solution than the path Dimon has chosen.