OFFICIAL - Waddell & Reed - 14th & Baltimore

Issues concerning Downtown as described by the Downtown Council. River to 31st Street, I-35 to Bruce R. Watkins.
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Chris Stritzel
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Re: OFFICIAL - Waddell & Reed - 14th & Baltimore

Post by Chris Stritzel »

Some photos from last Monday and Saturday...

Monday...
From the Scout @ Penn Valley Park. The building should show up in this view just based on the crane.
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From Beacon Hill. This project will make a sizable impact from this angle.
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Saturday...
From Liberty Memorial. Not sure how much will show up from behind Loews.
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Re: OFFICIAL - Waddell & Reed - 14th & Baltimore

Post by flyingember »

Are the setback off Wyandotte different? Notice the P&L building is visible, so it might show in front of it
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Re: OFFICIAL - Waddell & Reed - 14th & Baltimore

Post by Eon Blue »

flyingember wrote: Mon Aug 17, 2020 2:01 pm Are the setback off Wyandotte different? Notice the P&L building is visible, so it might show in front of it
The Baltimore ROW is slightly wider south of 14th and offset slightly to the west, shifting the building wall to the west south of 14th. You can see it in the city parcel viewer.
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Re: OFFICIAL - Waddell & Reed - 14th & Baltimore

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Re: OFFICIAL - Waddell & Reed - 14th & Baltimore

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Re: OFFICIAL - Waddell & Reed - 14th & Baltimore

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Going up fast now.
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Re: OFFICIAL - Waddell & Reed - 14th & Baltimore

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How long until we get to the people space?
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Re: OFFICIAL - Waddell & Reed - 14th & Baltimore

Post by normalthings »

WR up big over rumors that they are being purchased by JP Morgan Chase.
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Re: OFFICIAL - Waddell & Reed - 14th & Baltimore

Post by mister816 »

what does that mean for the project. obviously they have to complete the building but do they have to occupy?
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Re: OFFICIAL - Waddell & Reed - 14th & Baltimore

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mister816 wrote: Wed Oct 14, 2020 10:48 pm what does that mean for the project. obviously they have to complete the building but do they have to occupy?
I imagine that if JP Morgan does buy Waddell and Reed that they'll still move into this building. JP Morgan, before coronavirus hit, was looking to move some operations outside of NYC, so if they buy WR, it would be a good entry point into KC to later bring their workers from NYC.
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Re: OFFICIAL - Waddell & Reed - 14th & Baltimore

Post by WoodDraw »

Chris Stritzel wrote: Wed Oct 14, 2020 10:55 pm
mister816 wrote: Wed Oct 14, 2020 10:48 pm what does that mean for the project. obviously they have to complete the building but do they have to occupy?
I imagine that if JP Morgan does buy Waddell and Reed that they'll still move into this building. JP Morgan, before coronavirus hit, was looking to move some operations outside of NYC, so if they buy WR, it would be a good entry point into KC to later bring their workers from NYC.
This is my thought as well, although with no information. Probably not bring from nyc, but offer new positions here.
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Re: OFFICIAL - Waddell & Reed - 14th & Baltimore

Post by normalthings »

WoodDraw wrote: Thu Oct 15, 2020 12:07 pm
Chris Stritzel wrote: Wed Oct 14, 2020 10:55 pm
mister816 wrote: Wed Oct 14, 2020 10:48 pm what does that mean for the project. obviously they have to complete the building but do they have to occupy?
I imagine that if JP Morgan does buy Waddell and Reed that they'll still move into this building. JP Morgan, before coronavirus hit, was looking to move some operations outside of NYC, so if they buy WR, it would be a good entry point into KC to later bring their workers from NYC.
This is my thought as well, although with no information. Probably not bring from nyc, but offer new positions here.
JPM has plans to move most of their back and middle office employees out of Manhattan. This includes plans to sell of some of their NYC towers. suburban Columbus Ohio and Plano Texas have been their two big satellite offices.
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Re: OFFICIAL - Waddell & Reed - 14th & Baltimore

Post by dukuboy1 »

Not sure what it means to employees at WR. Hopefully there will not be that many layoffs, with the possibility of new positions going forward.

I did read the same info about JPM looking to relocate to areas outside on NYC. It would be a great way for the city to capitalize and maybe look at them expanding operations here. Maybe get that "twisty" building filled with them and a chance to occupy 2 architecturally distinct buildings. Maybe even own 2 buildings
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Re: OFFICIAL - Waddell & Reed - 14th & Baltimore

Post by earthling »

If acquisition occurs, is highly likely many redundant backoffice jobs could be lost. But whether they find KC a desirable place to build/keep other jobs is a crapshoot given other lower cost markets JP Morgan already exists in.
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Re: OFFICIAL - Waddell & Reed - 14th & Baltimore

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earthling wrote: Thu Oct 15, 2020 4:35 pm If acquisition occurs, is highly likely many redundant backoffice jobs could be lost. But whether they find KC a desirable place to build/keep other jobs is a crapshoot given other lower cost markets JP Morgan already exists in.
Back in 2004 JPM purchased an operation in Columbus, Ohio which they retained as their low cost back office. Suburban office park and Columbus Ohio have not been a winning combination for recruitment of new hires or retention of relocated employees. It is bad enough that JPM has publicly stated that it is an issue and has tried renovating the buildings to give them an urban feel (https://goo.gl/maps/qqig9AY45BJVRC3C9). 19,000 employees sit in central Ohio with another 25,000 in Plano (and growing in Plano). I'd be very surprised in downtown KC isn't at least kept for the 15-year lease if not expanded.
Last edited by normalthings on Thu Oct 15, 2020 5:32 pm, edited 2 times in total.
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Re: OFFICIAL - Waddell & Reed - 14th & Baltimore

Post by earthling »

^Or maybe moved to Columbus or Plano given larger existing operations, which was my point.
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Re: OFFICIAL - Waddell & Reed - 14th & Baltimore

Post by normalthings »

earthling wrote: Thu Oct 15, 2020 5:30 pm ^Or maybe moved to Columbus or Plano given larger existing operations, which was my point.
Yea I agree that it is a crapshoot. I just also think that if they have said that the Columbus operation isnt working for them we at least have a chance of maintaining things as they are now.
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Re: OFFICIAL - Waddell & Reed - 14th & Baltimore

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normalthings wrote: Thu Oct 15, 2020 1:38 pm JPM has plans to move most of their back and middle office employees out of Manhattan. This includes plans to sell of some of their NYC towers. suburban Columbus Ohio and Plano Texas have been their two big satellite offices.
St. Louis made an active pitch to JP Morgan & Chase Co. to get those jobs. JPMC was supposedly very interested in St. Louis and actually pursued a number of options for opening an office. I don’t know where that went now, but I imagine STL has been put in the back of the line now if JPM is trying to buy WR.
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Re: OFFICIAL - Waddell & Reed - 14th & Baltimore

Post by WoodDraw »

normalthings wrote: Thu Oct 15, 2020 1:38 pm
WoodDraw wrote: Thu Oct 15, 2020 12:07 pm
Chris Stritzel wrote: Wed Oct 14, 2020 10:55 pm

I imagine that if JP Morgan does buy Waddell and Reed that they'll still move into this building. JP Morgan, before coronavirus hit, was looking to move some operations outside of NYC, so if they buy WR, it would be a good entry point into KC to later bring their workers from NYC.
This is my thought as well, although with no information. Probably not bring from nyc, but offer new positions here.
JPM has plans to move most of their back and middle office employees out of Manhattan. This includes plans to sell of some of their NYC towers. suburban Columbus Ohio and Plano Texas have been their two big satellite offices.
It's a fair point, but, as you hit on in a later post, it's a balance between cheapness and ability to recruit.

I don't know enough about jpm to say where kc falls on that spectrum. But I would bet some level of money that they won't turn waddell and reed into a call center. And that nyc employees would be unlikely to move to kc.

But, and I hate saying this, redundancies would be a good way to shift work from the coast to kc. And then when you offer new jobs, you list them in KC and not nyc.

I honestly know nothing here, about this deal or about finance. I'm just thinking out loud.
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Re: OFFICIAL - Waddell & Reed - 14th & Baltimore

Post by flyingember »

WoodDraw wrote: Thu Oct 15, 2020 7:13 pm I honestly know nothing here, about this deal or about finance. I'm just thinking out loud.
My employer moved a lot of jobs from a more expensive city to KC a few years ago and many of them the people didn't move here. So it does happen.
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