Quote:
Originally Posted by Austinlee
As hard as it is to fathom, I have a sneaking suspicion that if US Steel leaves their tower, they will move out of the city. Westinghouse abandoned their downtown skyscraper preferring Moronville & Blandberry. Gulf Oil left a landmark tower for what... ? A suburban office park in Houston, Texas im guessing. The best the city/downtown could hope for is a downsize but in a quality way like when Alcoa left their iconic aluminum skyscraper overlooking Mellon park to their riverfront beauty on the north shore facing downtown in 1998 which has been featured in many architectural books since then.
Alcoa:
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Yes... the Alcoa HQ relocation worked out awesomely for Pittsburgh:
http://old.post-gazette.com/pg/06058/661831-28.stm
Quote:
Alcoa's HQ relocation to NYC no big surprise
Monday, February 27, 2006
By Len Boselovic, Pittsburgh Post-Gazette
Alcoa's discreet disclosure that it has officially moved its headquarters from Pittsburgh to New York City formalizes a decision Chairman and Chief Executive Officer Alain Belda made years ago.
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In 1999, when Alcoa quietly signed a 20-year lease for space in the steel-framed Lever House on fashionable Park Avenue, analysts expected sooner or later that the cosmopolitan Mr. Belda, who speaks five languages, would move the company's seat of power to the Big Apple, a home he apparently believes more appropriate and relevant given the global company's far-flung operations.
"They're definitely going to move the headquarters away from Pittsburgh. I think eventually they will make a move to put the headquarters in New York," Prudential Securities analyst J. Clarence Morrison said at the time.
Formal recognition of what was obvious to most came in a one-sentence notice buried in the annual report Alcoa filed earlier this month with the Securities and Exchange Commission. The aluminum maker said its directors amended Alcoa's by-laws "to specify that the principal office of the company shall be in the City of New York rather than Pittsburgh, Pennsylvania."
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It was common knowledge that Mr. Belda, Alcoa's first non-American CEO, did not share his predecessor's affection for Pittsburgh. One former Alcoan said that, as a foreigner, Mr. Belda was not welcomed with open arms when he moved onto the small, tree-lined street in Shadyside in 1994.
"That word got back to O'Neill and Paul was furious," the former employee said when Mr. Belda moved to New York.
Regardless of whether the Shadyside welcome wagon was waiting for him, Mr. Belda's cultural and social preferences resided in New York. A French Moroccan by birth and a Brazilian citizen since 1982, Mr. Belda frequently spent weekends in New York even when he lived in Pittsburgh, preferring the restaurants and social scene there to Pittsburgh's.
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This is the scenario I had going through my mind concerning U.S. Steel... keeping the bulk of the "corporate center" somewhere in the Pittsburgh region... while shifting the elite management to Manhattan. However, USS CEO John Surma is a Pittsburgher and a Penn State alum... so perhaps that would not be the case.
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Gulf did not relocate anywhere... T. Boone Pickens attempted a hostile takeover of Gulf in the early 80s... and Gulf was forced to merge into its "white knight" investor Chevron. It is an extremely famous case of corporate raiding... today Gulf exists as an intellectual property.
... btw "Moronville" and "Blandberry"