BREAKING NEWS
April 2, 2007
JPMorgan, Lehman, Merrill Seek New Trading Space
JPMorgan Chase & Co., Lehman Brothers Holdings Inc. and Merrill Lynch & Co. are speaking with New York developers about building new trading floors.
Merrill, the world's biggest brokerage, held talks with developer Larry Silverstein about taking space in a tower on the site of Ground Zero. JPMorgan, the third- largest U.S. bank, is negotiating with the Port Authority of New York and New Jersey to build a skyscraper in lower Manhattan. Vornado Realty Trust has talked to Lehman, the fourth-largest U.S. securities firm, about a planned building on Seventh Avenue across from Pennsylvania Station, people said.
The search for more room follows a year when the world's biggest investment banks received more than half their revenue from buying and selling stocks, bonds, currencies and commodities. Goldman Sachs Group Inc., Wall Street's most profitable firm, is building a $2.5 billion headquarters in New York near the site of the Sept. 11, 2001, terrorist attacks with about 500,000 square feet for trading.
``There is certainly a ‘keeping up with the Joneses’ mentality going on here,'' said Jim Frederick, a partner at Colliers ABR, a New York-based commercial real estate services firm. ``Everybody wants to have the strongest and the best, with the most technologically advanced equipment.''
BloombergThe Tale of Two Markets Behind Boston Real Estate
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Keeping Up With Dow Jones; Wall Street Trades Up To New Digs
By: Pete Kendall, April 4, 2007 |
In Manhattan, the financial peak anticipated in this month’s Special Section is signaled by Vornado Realty’s latest bid to entice financial tenants with five floors (100,000 square feet) of trading space in its latest project, an office building that is roughly the size of the Empire State Building.
The Elliott Wave Financial Forecast, January 2007 |
Another great classic sign of a top. Fits so well with the timing of skyscrapers.
--Doug Wakefield
And as recent issues of The Elliott Wave Financial Forecast have also discussed, the timing of financial peaks. Notice what’s driving the need for new floors – “a year when the world’s biggest investment banks received more than half their revenue from buying and selling stocks, bonds, currencies and commodities.” In a way it’s kind of sweet. At the most important peak of all, traders at the biggest firms all want to be together. A more cynical person would say that this is because there are inherent advantages to having people from different parts of the organization sharing information that gives them an inside trading edge. It’s no coincidence that at the lows “fire walls” are erected and people within investment banks are moved to different floors to eliminate this kind of “sharing.” When prices start down, cynicism will hit its bull market stride and charges of insider trading and conflicts of interest will fly. The consequent profit declines will make these trading floors cavernous shells. |
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