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Old June 23rd, 2007, 11:47 PM   #1
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NEW YORK | 5WTC (JP Morgan Chase Headquarters) | 200m+ | 40 fl | Canceled

This is the project to be built on the site now occupied by the Deustche Bank Building.I've put it as a 40 plus stories since I've read some other sources wich says it will have in fact more than 40 stories.A moderator can edit that later when new data comes available.

Friday, June 15, 2007


JPMorgan Chase to Build Investment Banking Headquarters

Governor Eliot Spitzer, Mayor Michael R. Bloomberg, Assembly Speaker Sheldon Silver and the Port Authority of New York and New Jersey today announced a $300 million agreement with a leading financial services firm to lease and develop office space at the new World Trade Center complex.

Under the agreement, JPMorgan Chase will move its investment banking headquarters into the new tower to be built at Site 5. The new offices will serve as the base of operations for approximately 7,000 employees.

“JPMorgan Chase's commitment to locate its investment banking headquarters at the World Trade Center represents another step forward in revitalizing Ground Zero and ensuring that New York remains the financial capital of the world,” said Governor Spitzer. “By joining other major financial institutions downtown, JPMorgan Chase is demonstrating that Lower Manhattan is well on the road to recovery. Coupled with last month’s announcement of the $2 billion settlement of outstanding insurance claims, we continue to see real progress at the site.”

Mayor Bloomberg said: “After 9/11, people were saying that New York was on its knees, but with record low unemployment, lower taxes, lower crime rates, better schools and a better quality of life, there’s no doubt that New York is a place where major companies want to locate and do business. The resurgence of Lower Manhattan has made it a particularly attractive area and today’s announcement by JPMorgan Chase sends a message to the world that New York and Lower Manhattan have come back stronger than ever.”

Assembly Speaker Sheldon Silver, who represents the community surrounding Ground Zero, said: “JPMorgan Chase's announcement is a victory for Lower Manhattan, but it’s about more than economics. I believe that we have a national and a moral obligation to respond to the hatred and the destruction of September 11th by building a stronger, safer, more prosperous Downtown than had existed before the attacks.”

JP Morgan Chase Chief Executive Officer Jamie Dimon said: “JPMorgan Chase is proud of our deep roots in New York City and New York State, and we're pleased to be announcing a project today that will be critical to our firm's long-term future. We are also proud to be taking a leadership role in supporting Lower Manhattan and helping to revitalize the World Trade Center area.”

Port Authority Executive Director Anthony E. Shorris said: “Over the past several months we’ve made tremendous progress at Ground Zero, and the agreement to bring a world-class company to the site will help us continue to build on this momentum and deliver on the promise of a rebuilt and renewed World Trade Center site.”

Site 5 is currently the home of the former Deutsche Bank Building. The 41-story skyscraper was significantly damaged during the terrorist attacks of September 11, 2001. Earlier this year, the state revised the agreement with the contractors deconstructing the building to obligate them to maintain a workforce of more than 350 on the site and to provide a significant financial incentive for them to bring the building down on schedule to make way for redevelopment of the site. Since that time, the top six floors of the building have been removed, and floors continue to come down at the rate of approximately one floor per week.

Under the agreement, JPMorgan Chase will pay the Port Authority $290 million for the development rights for Site 5. The lease for the site, which is subject to approval by the Port Authority’s Board of Commissioners at their meeting next week, will run for 92 years beginning in July 2008. JPMorgan Chase plans to build a 40-story, 1.3 million square foot skyscraper on the property.

JPMorgan Chase (JPMC) accessed existing economic development funds such as the World Trade Center Job Creation & Retention Grant Program, which was created to stimulate the redevelopment of downtown. The company will receive up to $20 million when it reaches full employment in Lower Manhattan. By being the first employer to commit to the World Trade Center site, JPMC also accessed the previously created and funded World Trade Center Rent Reduction Program.

Port Authority Chairman Anthony R. Coscia said: “This agreement will bring substantial value to the Port Authority and play a critical role in renewing Lower Manhattan. It represents another significant milestone since the Port Authority entered into a global agreement in September last year for rebuilding the World Trade Center site. And it will allow the Port Authority to continue to focus on the enormous responsibilities we have undertaken at the site – building a memorial to honor those who died on 9/11, a major transportation hub, and the Freedom Tower.”

Daniel Doctoroff, Deputy Mayor for Economic Development and Rebuilding, said: “There’s no question that New York is the financial capital of the world, and there’s no question that a world class financial services leader like JPMorgan Chase belongs here. We’re pleased that JP Morgan Chase decided to keep their roots firmly planted in the City, and that we were able to work together to come to an agreement that is mutually beneficial.”

Patrick Foye, Chairman Empire State Development Corporation/Downstate said: “This agreement by JPMorgan Chase is a bold sign that we’ve reached another crucial turning point in the redevelopment of Lower Manhattan. It shows a renewed faith in the Lower Manhattan market and it will help draw more investment and create even more jobs.”

Today’s announcement comes three weeks after the state announced a $2 billion settlement of all outstanding insurance claims arising from the destruction of the World Trade Center. The agreement, the largest in regulatory history, ended almost six years of legal battles between Silverstein Properties and seven insurance companies and removed the last major obstacle to funding development at Ground Zero. Earlier this year, Governor Spitzer announced that funding was secured for the construction of the Freedom Tower and that the Port Authority’s Board of Commissioners had approved nearly $1 billion in construction contracts.


Last edited by sieradzanin1; January 20th, 2012 at 09:54 AM.
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Old June 23rd, 2007, 11:58 PM   #2
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It fits in so well. I love it no matter what some idiots say. People judge too fast. I wish they made more renderings. From this angle, it would look great with its slanted roof:
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Old June 24th, 2007, 12:09 AM   #3
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Yeah. Need a better rendering of it. Can't really evaluate the design from that small picture.
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Old June 24th, 2007, 12:19 AM   #4
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I like it. It has grown on me since I saw it a few days ago. Fits very well. But Ebola, just because people don't agree with you or don't lik the design, dosen't make them an idiot
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Old June 24th, 2007, 12:35 AM   #5
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Thank you JP Morgan Chase for not leaving New York!
We were never at the bottom after 9/11 only maybe for two weeks
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Old June 24th, 2007, 01:41 AM   #6
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Maybe King Kong can use it when he has to go to the bathroom.
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Old June 24th, 2007, 02:39 AM   #7
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Originally Posted by TalB View Post
Maybe King Kong can use it when he has to go to the bathroom.
I love NY
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Old June 24th, 2007, 08:46 AM   #8
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To me, it really doesn't look like what everyone says it looks like. It's obvious that this tower is at least 215m tall, maybe as much as 275m; it, with the help of the cantilever, completes the spiral perfectly! Seeing these buildings all at once will be unlike anything else. I love the entire complex because every building is so postmodern; they all stick out well.

Last edited by Ebola; June 24th, 2007 at 08:51 AM.
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Old June 24th, 2007, 12:16 PM   #9
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Extraordinary design!!!!

Seems like the sloping roof design from Liebeskind has influnced a lot of the towers surrounding the ground zero.
The Foster's and yet again, this one.

He must be happy nontheless eventhough his towers design werent chosen to get built. but the substanciate elements are....
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Old June 24th, 2007, 12:39 PM   #10
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love the project and ope we will see it growing soon!
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Old June 25th, 2007, 05:16 AM   #11
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New Chase building revealed
by patrick arden / metro new york

JUN 22, 2007

GRAMERCY PARK. How do you fit a 60,000-square-foot floor on a 32,000-square-foot building site?

The answer was revealed yesterday by the Port Authority in a series of sketches for JP Morgan Chase’s new 42-story headquarters at the World Trade Center. The tower, with seven cantilevered floors extending past the building’s footprint and over a park, will go up on the site of the former Deutsche Bank building.

Those stories are necessary to accommodate Chase’s trading operations, explained Port Authority Executive Director Anthony Shorris, and will need 50,000 to 60,000 square feet. They will also hang over St. Nicholas, the tiny Greek Orthodox church that had been destroyed after the collapse of the Twin Towers.

Shorris viewed the design as an opportunity for St. Nicholas.

“It will actually offer some interesting opportunities for lighting and making the church an even more splendid contribution to the community,” he said.

Chase has agreed to pay $10 million for the privilege. That money will be split between the church and the planned memorial. Church officials did not return calls for comment on the design yesterday; parishioners have reportedly raised about $4 million to rebuild at the site, which will be part of a planned park.

Shorris stressed that Chase’s payment to the church was not “about the cantilever,” and the cantilevered stories will allow for the reduction of the tower’s size, reducing shadows the building will cast over the memorial.

Chase is paying the Port Authority about $300 million for a lease that will expire in 2100. In return, the financial firm expects to reap tax subsidies worth “north of $200 million,” in the earlier words of Gov. Eliot Spitzer.

The tower will also include retail space.

The building’s design, as envisioned by architects Kohn Pedersen Fox, is not final. But, Shorris said, “There had to be a cantilever somewhere.”

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Old June 25th, 2007, 05:43 AM   #12
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omg what an unbalanced skyscraper
In Los Angeles versus the San Gabriel Mountains, it is not always clear which side is losing.

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Old June 28th, 2007, 11:34 PM   #13
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HANGOVER: The planned new JPMorgan Chase HQ faces the Ground Zero towers: Is that a "beer belly," or the roof of a "great outdoor room?

June 26, 2007 -- THE architect of the planned new JPMorgan Chase tower near Ground Zero left the door open yesterday to slightly reducing the size of its giant, elevated trading floors cantilevered over a new St. Nicholas Church.

"The size of the cantilever is one of those things still being studied," Gene Kohn of the Kohn Pedersen Fox firm said of controversial images released last week.

But, he emphasized, it will still be a "cantilever of some dimension" and there's no alternative to designing the Liberty Street building immediately south of the World Trade Center site any other way.

Kohn took polite exception to my description last week of the protruding block of trading floors facing the 9/11 memorial as a "beer belly." (Readers likened it to a "kangaroo" or "electric chair.")

"Things like that have a way of sticking," he said.

I was referring to the project's ungainly shape, which Kohn acknowledges is "unusual." The tower will be 32,000 square feet at the base, swell to between 52,000 and 56,000 square feet from floors 12-16, and slim down above that.

The trading floors, starting at 190 feet above ground, will hover over a patch of land about two-thirds the size of a city block - an overhang like no other building in New York.

They also gesture ambiguously toward Ground Zero: Does the protrusion compatibly relate to the site's quartet of architecturally arresting towers, or does it fight them?

Kohn noted that, at 42 stories, the JPMorgan Chase tower is much smaller than the buildings inside Ground Zero, crowned by the Freedom Tower at 1776 feet. And he defended its "preliminary" design, pointing out that the rules of the game left him no choice.

In 2004, the state, city and Port Authority agreed to rebuild the Greek Orthodox church on the northern part of the block bounded by Liberty, Greenwich, Albany and Washington streets.

The original church, destroyed on 9/11, stood on the block immediately west, where a new Liberty Park will be built.

Kohn was constrained, having to design a 1.3 million square-foot building with five trading floors of nearly 60,000 square feet each that could not be on or close to the ground.

"We were given this assignment with the church planned just north of the tower. What do you do with trading floors of this size? We can't put them at grade, because the church is going to be there.

"So cantilevering is the only way to go. We weren't given any other option."

With a ceiling formed by the underside of the trading floors, Kohn saw the chance for "a great outdoor room. You'll still see sky and daylight, like an atrium without walls on three sides" that will serve as a "a great porch facing the memorial."

Locals feared the tower would cast shadows on the church and the new park. With no way to avoid overhanging the church, Kohn tried to turn the disadvantage into an advantage - "Here was a location suitable to its scale, where we can light it and frame it properly."

As for the park, Kohn said, "A lot of people were concerned the cantilever would create additional shadows on it." But, he said, extensive studies of the sun's path year-round showed it actually won't do that.

Kohn said his firm drew up the tower's rough contours months ago, but held up work on such crucial issues as facade materials and detail until the bank and PA signed their $300 million deal.

Among many questions now is how to "express" the cantilevered floors, which are sloped on the north side to make them bigger as they go higher.

"For example, will they be trussed?" Kohn mused - meaning a pattern of diagonal exterior braces like those in Richard Rogers' Tower 3.

"Given the challenge, we think we can do a wonderful piece of work, and we're excited JPMorgan wants to be part of it."

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Old June 28th, 2007, 11:41 PM   #14
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I really like this tower,, very unique,

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Old June 29th, 2007, 12:15 AM   #15
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It spells out JP

I'm not sure if I really love it , but one cool feature is you can look at the cantilevered part as the lower part of the "J" and upper part of the "P" for the "J.P." in the JP Morgan. Just something to think about.
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Old June 29th, 2007, 12:35 AM   #16
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certainly what i would call "interesting"...

I <3 London
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Old June 29th, 2007, 06:21 AM   #17
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Apparently, this is not the final design.
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Old June 29th, 2007, 06:57 AM   #18
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Personally, I like it but as the case is with most proposals, the facade could make or break it.
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Old June 29th, 2007, 07:35 AM   #19
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Now that's just funny, if you hate or love it.
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Old June 29th, 2007, 07:35 AM   #20
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Perth - Lawns n Yawns for All
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