Deutsche Bank AG will be opening its first office in Downtown Brooklyn after it agreed to take 50,000 square feet at the JPMorgan Chase-owned 4 MetroTech Center, The Commercial Observer has learned.
The law firm Milbank Tweed, Hadley & McCloy LLP is negotiating to renew its lease at the downtown office building 1 Chase Manhattan Plaza, sources said.
The firm occupies 375,000 square feet on several floors at the property, which is owned by the bank JP Morgan Chase. Rents in the deal were not available by press time. The lease is a change in plans for the company.
Irving Place Capital, an investment fund, has leased the seventh floor of 745 Fifth Avenue sources say. The firm will be moving to the space, which is 23,000 square feet, from 277 Park Avenue, where it was subleasing from the bank JP Morgan Chase.
the lead indicator
The potential for disruptions to global financial stability increased heading into last weekend. In Europe, both Germany and the European Central Bank rejected calls to expand the bailout to include large-scale bond purchases, insisting instead that the latter’s credibility depends upon its prioritization of price stability.
At a gathering of the Frankfurt Banking Conference, German Bundesbank president and European Central Bank Governing Council member Jens Weidmann said on Friday that “the economic costs of any form of monetary financing of public debts and deficits outweigh its benefits so clearly that it will not help to stabilize the current situation.”
This Old House
A group of vocal protestors was bunched in tightly together within the confines of a narrow sliver of sidewalk that JP Morgan security had provided for them yesterday morning. By design, the space kept the group safely off the spacious outdoor plaza in front of the company’s headquarters at 270 Park Avenue, placing their backs against the wide, waist high concrete bollards that delineate private property from the city sidewalk.
The protestors’ uncomfortable position simultaneously allowed a constant flow of pedestrian traffic to move past them on the sidewalk and to obstruct the view of onlookers, which consisted almost entirely of curiously observant JP Morgan employees leaving the building for lunch. The rest were the various City Council employees that were on hand to staff the three members who took turns at the makeshift lecturn shoved snuggly into the center of the chanting crowd.
Unfortunately for the protestors, their chaotic, ad hoc physical placement and the clear lack of an interested public seemed to echo the rather jumbled message that they brought to the headquarters of the corporation that they insulted, accused and then, bizarrely, invited out for a walk around Brooklyn, where they believe Chase is wreaking havoc on low-income homeonwers.
Amid revelations that foreclosures around the country have been improperly processed, State Attorney General Eric Schneiderman is stepping up an investigation of the cottage industry that foreclosures have become in New York. Mr. Schneiderman’s office recently issued subpoenas to a law firm that has handled about 40 percent of all foreclosures in the state. The Read More
Blackberries, once the ne plus ultra of business phones, have been taking a beating in the modern smartphone era.
Today Dell announced that it will be moving its 25,000 employees from Blackberries to its own Dell Venue Pro – a phone running the new Windows Phone 7 operating system.
(The move by Dell Read More
Michael Lewis comes out with an interesting take on the future of proprietary trading in the wake of the Dodd-Frank financial reform law. Lewis points out that even though financial institutions had lobbied hard to keep a loophole in financial reform that allows banks to invest up to 3 percent of their own Read More
JP Morgan Chase, the U.S.’s second-largest bank by assets, is moving its proprietary trading desk over to its asset-management business in hopes that switching the traders to a new department will put it in line with new regulations under the Dodd-Frank Wall Street Reform and Consumer Protection Act.
The New York Times reports Read More
This Old House, Money
After slashing the asking price by more than $2.6 million earlier this month, it looks like JP Morgan Chase CEO Jamie Dimon has found a buyer for his eight-bedroom, nine-bath Chicago mansion.
Crain’s Chicago Business reports that the enormous house, which has such amenities as a wine vault and a master bedroom Read More