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KJHburg

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Now some questions about Truist and the Hearst Tower which I fully expect them to buy. What happens to US Bank which has about 80-100K sq ft in the building?  Is BofA still moving out of Bank of America Plaza?  Will US Bank move there and rename that tower US Bank Plaza?  Where will the tech center of Truist go?  I think the bulk of it will be in another building will it be new or will they back fill space lots of  space becoming available in Ally Bank bldg. on S Church St?  Could make them an anchor there and another building with their branding or do they build new on N Tryon?  Honestly I see it going elsewhere as Truist consolidates into Hearst I don't think they will have the space there. I predict quite a lot shuffling of uptown tenants in the next year or so.  

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^  thanks and they are marketing the space according to Trinity Partners website as mentioned above.  I guess we will hear about a possible move there in the next few months if US Bank wants to go there as I think Truist will push them out of Hearst Tower for sure when their lease is up and maybe give them incentives to move even earlier.     Are BofA workers still in that space now and where are they going to new BOAT at Legacy tower? 

https://www.trinity-partners.com/listing/bank-of-america-plaza/

This building has been know as NCNB or Bank of America Plaza its entire life,  wonder will it be the new US Bank Plaza?   Would be quite a scoop for US Bank to raise their profile so much and across the street from BofA Corp. Center but the bank has not owned BofA Plaza for years.  

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in other banking news JP Morgan Chase reports great success with their new markets including NC.  They only have one opened office in NC as of right now right on Franklin St in downtown Chapel Hill and one branch under way on S Tryon in the Tryon Plaza building.    From the Triangle Biz Journal

""At the conference, Piepszak called markets like Boston, D.C. and North Carolina “really, really exciting markets for us.” “It’s early days, but exceeding our expectations as we look at historical performance for new branches, so lots more to come in terms of how the returns are looking,” Piepszak said.  The bank has said it's planning to open 40 new branches in the state in the next three years.""

My thoughts since wave of New Yorkers, Jerseyites etc are moving to this state what took you so long to get here?  and people moving up from Florida where you are big too? 

https://www.bizjournals.com/triangle/news/2019/12/11/jpmorgan-exec-nc-other-new-markets-are-exceeding.html

 

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1 hour ago, KJHburg said:

JLL is projecting 11,000 jobs in Charlotte with the new Truist Bank!   This is my mind is easily the biggest job and economic development announcement this year in Charlotte when announced in February and will create demand for office space and thus eventually new buildings.  As Truist pushes other tenants out of Hearst Truist Tower they will land somewhere and the bank itself even if this number is way high will need a lot of more space. 

As we have not even heard estimates of the tech center jobs which are surely apart of this number.  

https://www.us.jll.com/en/views/how-will-the-bbt-and-suntrust-merger-impact-charlotte

Is this 11k direct jobs or including spin off jobs?  Either way, this type of # certainly puts pressure on Charlotte’s office inventory and may justify a new tower.   Would love to see more development north of Trade to balance out the growth, but if they want to join the S Tryon party, I’ll take that too.

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51 minutes ago, CLT_sc said:

Is this 11k direct jobs or including spin off jobs?  Either way, this type of # certainly puts pressure on Charlotte’s office inventory and may justify a new tower.   Would love to see more development north of Trade to balance out the growth, but if they want to join the S Tryon party, I’ll take that too.

It seems to say the average size of the HQ city workforce for a bank of that size of the new Truist is 11000 plus.  that may take 3-5 years but I hope it happens.

 

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34 minutes ago, TheOneRJ said:

Would be surprised if that day comes, but it is a bit silly to have your HQ in a place that you do not allow people to hire in/are encouraging people to move out it.

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58 minutes ago, TheOneRJ said:

While I'd love to see Wells move its HQ from SF, if they did, I'd see it going to NY.  That's where the top talent is and wants to be.    That being said, I see WF moving more employees to the QC from SF.  I absolutely love SF, but anyone there making less than $400k/year would have a much easier and better life in the QC than in SF.

Edited by SydneyCarton

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4 minutes ago, SydneyCarton said:

While I'd love to see Wells move its HQ from SF, if they did, I'd see it going to NY.  That's where the top talent is and wants to be.    That being said, I see WF moving more employees to the QC from SF.  I absolutely love SF, but anyone there making less than $400k/year would have a much easier and better life in the QC than in SF.

I remember my marketing 101 professor telling the class that if you really want to make it in marketing (this was 40 years ago) you had to move to NYC.  Most of us groaned.  Do you really think that top talent really WANTS to be in NYC?

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28 minutes ago, Windsurfer said:

I remember my marketing 101 professor telling the class that if you really want to make it in marketing (this was 40 years ago) you had to move to NYC.  Most of us groaned.  Do you really think that top talent really WANTS to be in NYC?

Without a doubt.  It's the only global city in the US, and practically everyone regards it as the world's top city along with London.  It has more billionaires than any other city in the world for a reason.  It has unparalleled museums, restaurants, shopping, culture, etc. and has the most beautiful urban areas in America by far (though SF and Boston are great too).  If you want suburban life, places like Greenwich, CT, Alpine, NJ, Saddle River, NJ, Scarsdale, NY, Rye, NY, Sands Point, NY, Purchase, NY, etc. are among the nicest in the world.  It is a mecca for the elite.

Google, Facebook, Amazon, Apple, etc. have recently leased around 5m sf on top of the millions they already own and lease because NY is unparalleled.

NY's uniqueness as a global city is why it gets way more tourists than any other American city, including visitors from all over the world.

I love NC, and since I'm not rich, I live a much better life here than I would in NY.  However, if I win the mega powerball, I'll move to 220 CPS, and I'll spend the winters in Miami.

Edited by SydneyCarton

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The new operating committee is 5 people in NYC, 4 in SF, 2 in CLT, and 1 in Portland.

The company will deploy the current method of SF as "HQ in name only." They won't want to make NY the official HQ because only 3,700 people work for WF there and it doesn't have a strong connection to the rest of the company. It will have an ivory tower effect where management is removed from the heart of the company.

They won't want to make CLT HQ because that implies the 5 folks up in NYC should easily be able to move 1.5 hours south to the new "official HQ." They aren't interested in doing that.

If they just deploy the current method, each exec can live where they want and do what is best for their personal life. SF will remain HQ because of "history", with execs based in different cities based on where talent is located.

Edited by CLT2014
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My thoughts on this is that every single NON customer facing job in California should be moved out of state.  California with its onerous workplace regulations and severe high cost of living deters growth of banking there since banking profits are made on very thin margins.  Someone is looking for 1 Million sq ft of office space in this market (not sure if Wells) but Wells has said earlier this year they need space for 2000 seats (ie jobs) in the local market.  San Fran is too far from NYC or Charlotte and the bank is now bigger east of the Mississippi than it was of course pre merger.  

Move the HQ to Charlotte in name and if some of the top execs want to work out of the NYC office so be it.  But NYC is less than 2 hours by plane to CLT rather than 5 hour flight from SFO.  I said it a long time ago to shed the image of the scandals they need to "restructure the HQ" on out of San freaking Francisco! 

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If Wells leaves SF, I wonder if, in the words of the inimitable Tony Bennett, they would leave their hearts there.

Anyway, as noted, I can't imagine any WF employee making less than $400k/year not wanting to live in the QC.

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2 hours ago, SydneyCarton said:

Without a doubt.  It's the only global city in the US, and practically everyone regards it as the world's top city along with London.  It has more billionaires than any other city in the world for a reason.  It has unparalleled museums, restaurants, shopping, culture, etc. and has the most beautiful urban areas in America by far (though SF and Boston are great too).  If you want suburban life, places like Greenwich, CT, Alpine, NJ, Saddle River, NJ, Scarsdale, NY, Rye, NY, Sands Point, NY, Purchase, NY, etc. are among the nicest in the world.  It is a mecca for the elite.

Google, Facebook, Amazon, Apple, etc. have recently leased around 5m sf on top of the millions they already own and lease because NY is unparalleled.

NY's uniqueness as a global city is why it gets way more tourists than any other American city, including visitors from all over the world.

I love NC, and since I'm not rich, I live a much better life here than I would in NY.  However, if I win the mega powerball, I'll move to 220 CPS, and I'll spend the winters in Miami.

Man, that's where you and I differ, but I'm probably not the "talent' these folks are attracting.  I'd head for the wilds of Montana or Panama.  To each his own. 

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6 hours ago, kermit said:

Thanks to BoA, Wells, Ally and now Truist, Charlotte is a place where there are LOTS of job options if you work in the retail side of banking, but the thickness of our labor market is less impressive for other portions of finance.

Not sure I agree.  There is a lot more to the jobs here than just retail banking.  Sure, NYC is still the place to be if you are investment banking or sales and trading.

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NYC based JP Morgan Chase announces new locations for NC including the Charlotte area.   from a Biz Journal article this morning.

""It appears JPMorgan Chase & Co. is quietly moving forward with plans for its retail rollout in the Queen City. The New York banking giant has filed plans for its next few branches in North Carolina, including three in the greater Charlotte market.  Those plans have been unveiled in filings made with the Office of the Comptroller of the Currency, part of the U.S. Department of the Treasury, since late June. The most recent filing, received by the regulator on Dec. 19, indicates plans for a branch at West Williams Street (Highway 55) and Haddon Hall Drive in Apex, near Raleigh.  Previous documents filed with the OCC reveal the bank has branches in the works for uptown Charlotte, at South Tryon and West Trade streets; in the Arboretum area of south Charlotte, at Pineville-Matthews Road and Arboretum View; and in Cornelius, at Catawba Avenue and West Jetton Road. It also disclosed plans earlier this month for a Garner branch in the Triangle region.  JPMorgan (NYSE: JPM) opened its first retail location in the state in Chapel Hill in August. Plans for that location as well as a still-to-open branch in Raleigh had been filed in September 2018.""

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7 minutes ago, KJHburg said:

NYC based JP Morgan Chase announces new locations for NC including the Charlotte area.   from a Biz Journal article this morning.

""It appears JPMorgan Chase & Co. is quietly moving forward with plans for its retail rollout in the Queen City. The New York banking giant has filed plans for its next few branches in North Carolina, including three in the greater Charlotte market.  Those plans have been unveiled in filings made with the Office of the Comptroller of the Currency, part of the U.S. Department of the Treasury, since late June. The most recent filing, received by the regulator on Dec. 19, indicates plans for a branch at West Williams Street (Highway 55) and Haddon Hall Drive in Apex, near Raleigh.  Previous documents filed with the OCC reveal the bank has branches in the works for uptown Charlotte, at South Tryon and West Trade streets; in the Arboretum area of south Charlotte, at Pineville-Matthews Road and Arboretum View; and in Cornelius, at Catawba Avenue and West Jetton Road. It also disclosed plans earlier this month for a Garner branch in the Triangle region.  JPMorgan (NYSE: JPM) opened its first retail location in the state in Chapel Hill in August. Plans for that location as well as a still-to-open branch in Raleigh had been filed in September 2018.""

I’d love to see JPM add workers here.  They usually ship jobs to Delaware, Columbus, and Plano.  Charlotte has more talent than those locations and is nicer.

If JPM sent 2,000 jobs to Charlotte, they should build a new 500k sf tower in Uotown.

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