NEW YORK | 270 Park Ave | 1,389 FT | 57 FLOORS

[NYguy]

Originally Posted by gramsjdg

I'll be surprised if this isn't at least 1300', and not surprised if it ends up pushing 1500'.

It could go that way, considering the height of the new crop of office towers. Just look at the actual number of floors of towers like 30 Hudson, the WTC, 1 Vanderbilt, etc.

https://www.bloomberg.com/news/artic...15-000-workers

The headquarters will house 15,000 of the bank’s employees and could be between 70 and 75 stories, depending on how wide its footprint is, said a person with knowledge of the company’s plans.

Originally Posted by BrownTown

Oh please, the eternal optimism here can be endearing, but it all to often turns to delusion.

As opposed to what, your useless speculation?

Originally Posted by Crawford

Of course they would. They would have no choice, because they have no office space going forward.

Putting aside the fact that there's no recession, or serious prospects for near-term recession, buildings go up all the time during recessions, especially non-speculative user-specific buildings.

I'm gonna have to agree with JMKeynes. Someone is jealous.

We're already in the process of the new headquarters getting built, including the temporary office space having already been leased, and the purchasing of air rights to build the new tower. This tower is coming down, and a new one getting built. People will speculate and pontificate until it's complete of course (these same people will be speculating that the under construction building won't be completed), but that's ok.

[giantSwan]

Originally Posted by BrownTown

Oh please, the eternal optimism here can be endearing, but it all to often turns to delusion. JPMorgan isn't going to spend billions on a new tower in the middle of a recession. And being, "the most respected name in banking" is about as respectable as being the best porto-john cleaner. Not to mention trying to deny JPMorgan's crimes is silly as they already plead guilty to them. How ridiculous to call it, "envy" that people get mad to see their tax money used to bail billionaires out.

BrownTown, you are out of your element here. Enough with the non-sense.

[pico44]

Originally Posted by Submariner

The BoA tower is hardly an invisible box in the skyline...the same could be said for 1VB, whose anchor tenant (TD Bank) is paying a good deal more than they would need to if they went with a more demure office...

Huh? BOA is a 900 foot fat-ass slab. It's a great building but it doesn't soar.

[NYguy]

http://www.globest.com/2018/08/06/pl...ty-as-it-ages/

Planning For New York City As It Ages
How is New York City “future-proofing” itself? Avison Young’s James Nelson talks with the city’s Marisa Lago to catch up on the latest initiatives.


AUGUST 6, 2018
BY JAMES NELSON

This month, I sat down with Marisa Lago, director of the New York City Department of City Planning and chair of the City Planning Commission. Chair Lago has previously worked for two other New York City mayors and served in the Obama administration. Her office has divisions that focus on urban design, open space, housing, economic development and infrastructure planning, and she believes that it is imperative to plan for city growth as the housing and lifestyle needs of its residents evolve. “We have to plan for the city’s residents today, people who will be coming here, people who work here, 10 years out, 20 years out, 50 years out,” chair Lago says.

East Midtown Rezoning Plan
According to the Department of City Planning, although Midtown East historically has been one of the most sought-after office markets in the region, the average age of its office buildings is more than 70 years. The plan allows owners of older buildings in Midtown East to redevelop them into denser or taller structures, and includes mechanisms for major transit improvements, public realm investments and preservation of some of Midtown East’s most iconic landmarks. Buildings would be able to achieve higher density provided the developments improve area transit stations and/or purchasing unused floor area from the district’s landmarks. A portion of the transactional value of the overbuilt square footage or sale of landmark development rights would be required to go into an improvement fund with revenues dedicated to improving the public realm.

Chair Lago calls this project a “win-win-win” because reinvestment in the buildings will provide offices for workers, taxing the air-rights transactions will generate money that can be invested in maintaining the landmarks and the required improvements to public transportation and sidewalks will make living and working in Midtown a more pleasant experience. Before rezoning there were 38 landmarks in Midtown East. Twelve additional buildings were landmarked as part of the project, totaling 50 landmarks in 70 blocks, which chair Lago notes is an “incredible density.”

“We are very focused on encouraging zoning…that meets the needs of today’s economy. Whether it’s tech, creative arts, advanced manufacturing, we have to look at today and future economies.”

Chair Lago says she is also pleased with JPMorgan Chase’s decision to take advantage of the East Midtown Rezoning Plan to redevelop its headquarters at 270 Park Avenue. JPMorgan, the biggest bank in the US, plans to buy development rights from landmarks in the surrounding area so it can build a taller tower. Construction of the new headquarters will create more than 8,000 jobs during the development period, according to the company.

“We are pleased about the reinvestment in the physical form, but even more so about the jobs. The number of jobs that will be preserved, but JPMC is actually consolidating their workers there at 270 Park Avenue. I’m looking forward to seeing that building,” says chair Lago.

[chris08876]

Part of me is hoping that this dethrones 1 Vandy as the King of Midtown East. Its really a solid chance for something of large magnitude and size to rise. Something for 15,000 employees and even for future needs would be monolithic.

[NYguy]

Originally Posted by chris08876

Part of me is hoping that this dethrones 1 Vandy as the King of Midtown East. Its really a solid chance for something of large magnitude and size to rise. Something for 15,000 employees and even for future needs would be monolithic.

It depends on the design. I don't want some giant box ruining Vanderbilt's presence on the skyline. Let's hope they go with a signature tower, and not just a taller, boxy version of the current tower.

[WhatTheHeck5205]

In light of the news that the AT&T building has been landmarked, my ideal scheme for this site is that the tower portion of the current building gets landmarked, Chase sells/leases it to someone else, and then is allowed to demolish the podium on Madison in order to build the new tower. This would ensure that they build a taller, slenderer signature tower instead of a massive box on the whole site, while still providing a site large enough for the floorplates they’re looking for, and satisfying those who want the existing building preserved. Perhaps they get some kind of density bonus for preserving the existing tower, allowing the new building to be built with the same FAR as it would be if they were redeveloping the whole site—potentially yielding a 1600’+ tower in addition to the existing one. I know it almost certainly won’t happen, but I think it represents an ideal compromise. The Park Avenue midcentury canyon is preserved, and Chase avoids the expense of demolishing a 700’ tower on top of an active railroad yard.

Just putting it out there.

[Busy Bee]

I'm not buyin what you're sellin

[Amanita]

Originally Posted by WhatTheHeck5205

In light of the news that the AT&T building has been landmarked, my ideal scheme for this site is that the tower portion of the current building gets landmarked, Chase sells/leases it to someone else, and then is allowed to demolish the podium on Madison in order to build the new tower. This would ensure that they build a taller, slenderer signature tower instead of a massive box on the whole site, while still providing a site large enough for the floorplates they’re looking for, and satisfying those who want the existing building preserved. Perhaps they get some kind of density bonus for preserving the existing tower, allowing the new building to be built with the same FAR as it would be if they were redeveloping the whole site—potentially yielding a 1600’+ tower in addition to the existing one. I know it almost certainly won’t happen, but I think it represents an ideal compromise. The Park Avenue midcentury canyon is preserved, and Chase avoids the expense of demolishing a 700’ tower on top of an active railroad yard.

Just putting it out there.

I'd be happy if they did that for sure. And it's too bad about this whole air rights business- otherwise they might be willing to consider trading their current building for another- say the Colgate building a little further up the street, and building their new HQ there instead. The owners of the Colgate-Palmolive building trade up, getting a lovely midcentury tower that's in great shape (remember, it got a total renovation and overhaul just 6 years ago!), and Chase doesn't have to take down such a massive building over active rail lines.

[NYguy]

Originally Posted by WhatTheHeck5205

In light of the news that the AT&T building has been landmarked, my ideal scheme for this site is that the tower portion of the current building gets landmarked, Chase sells/leases it to someone else, and then is allowed to demolish the podium on Madison in order to build the new tower.

Not gonna happen.

What's gonna happen is what has been presented already folks. The sooner you all accept the reality of it, the better. This tower is coming down, whether we love it or hate it.

[WhatTheHeck5205]

Originally Posted by NYguy

Not gonna happen.

What's gonna happen is what has been presented already folks. The sooner you all accept the reality of it, the better. This tower is coming down, whether we love it or hate it.

I mean ultimately, yes, whatever happens happens at this point. Like I said, my idea was just food for thought. Just out of curiosity though, if a compromise scheme like that was seriously proposed, either by Chase or the city, would you be opposed to it? I know you’re not really convinced of the existing tower’s architectural merits, but it’s at least minimalist by design rather than as the result of cost-cutting and value-engineering. Additionally, redeveloping just the rear podium would ensure that the whole site isn’t redeveloped with a single monolithic slab as you and others have expressed concern about.

[NYguy]

^ It wouldn't work, the floor plates wouldn't be large enough, then there is the issue of city zoning. The only way that could possibly work is through an extension of the existing tower, connecting the floorplates. That wouldn't happen for a variety of reasons. Also, it would defeat the purpose of constructing a new building (and the issue of trying to preserve the older one, what would be the point?). I think if Chase could have avoided the whole issue of moving headquarters (temporarily) and moving back again, it would have. But they will now be getting exactly the building they want for their own needs, their own footprint. Think of the redesign of tower 2 at the WTC, all of the work that went into it for a specific company at the time. And this will be a corporate headquarters tower designed from scratch, the last of which we saw here of this scale was the Goldman Sachs tower Downtown. In this case, the city is about to take building a new headquarters (or a new skyscraper) to a whole new level.



AUGUST 12, 2018

[JMKeynes]

I don't mean to be greedy, but I want no less than 1,600'! This should be an appropriate castle for the King of Wall Street.

[chris08876]

^^^^^^^

One of those times where ego is important. To make a statement. Ego is not appropriate from a financial standpoint when money is not readily available, but in this case, it is, and let the egotistical leadership run rampant. Hopefully enough space will be added to account for future needs.

[JMKeynes]

Originally Posted by chris08876

^^^^^^^

One of those times where ego is important. To make a statement. Ego is not appropriate from a financial standpoint when money is not readily available, but in this case, it is, and let the egotistical leadership run rampant. Hopefully enough space will be added to account for future needs.

[Zerton]

Maybe I'm possessed by Mies's ghost but the more I look at the existing building the more I like it. :\

[Prezrezc]

All three towers there (270, 275 and 245) are "quaint" relics from a time when the impersonal approach to doing business back in the mid-20th Century was quintessentially reflected in its corporate monuments.

I dunno...Maybe they can convert/retrofit/"gentrify" one or both of the other two; but something tells me they're in for the same fate as this one.

[Busy Bee]

Originally Posted by Prezrezc

All three towers there (270, 275 and 245) are "quaint" relics from a time when the impersonal approach to doing business back in the mid-20th Century was quintessentially reflected in its corporate monuments.

I think that's reading a bit too much into it. Also I have no idea what you're talking about.

[chris08876]

Originally Posted by Prezrezc

All three towers there (270, 275 and 245) are "quaint" relics from a time when the impersonal approach to doing business back in the mid-20th Century was quintessentially reflected in its corporate monuments.

I dunno...Maybe they can convert/retrofit/"gentrify" one or both of the other two; but something tells me they're in for the same fate as this one.

Strict, soulless, and conservative.

[Amanita]

I rather like 277, I think the architects intended for it to be a respectful neighbor to 270. 277's getting some renovation work done on its base and lobby, I just hope they will put some seating on the new plaza they have planned. It's also owned by the same company that built it back in 1964. They're proud of their building, and I'd bet on it having a long life. It's clearly being well taken care of.
As for 245, that one has potential too. If it were my building, I might give it a reclad- a fresh update of what it's got now- I like the color scheme, so I'd go with glass in those colors, or maybe a glass/terra cotta hybrid like on One Vanderbilt, or that other skinny one on 57th street.