By The Tim on December 24th, 2008 at 10:29 AM · 28 Comments
Here’s another WaMu update on a subject that will likely have a large impact on downtown’s commercial real estate scene:
Seattle Times: JPMorgan dumping WaMu’s leased space in Seattle
Seattle P-I: JPMorgan dropping six WaMu leases in Seattle
From the P-I story:
New York banking giant JPMorgan Chase & Co., which in September bought the branches, deposits and loans of Washington Mutual Inc. of Seattle for $1.9 billion, plans to drop the leases in six downtown office buildings now housing WaMu employees, a WaMu spokeswoman said.
WaMu currently leases about 880,000 square feet in downtown Seattle, said Patrick Mullen, a research analyst with Grubb & Ellis Co., Seattle.
“Assuming Chase lets go of most of the workers in those leased offices, and then lets go of the offices, that event alone could drive up vacancies 2 to 3 percentage points in the central business district,” Mullen said. “It would depress rent rates even more than they are now.”
Mullen said the massive withdrawal could also undercut the roughly 2.5 million square feet of office space due for completion in downtown Seattle next year.
Also, from the Times story:
It also decided WaMu’s Cedarbrook corporate-training center in SeaTac is “not a core asset for us, and we are looking at options for it,” said JPMorgan spokesman Thomas Kelly.
Now is not a particularly great time to be in the commercial real estate business in downtown Seattle.
(Melissa Allison and Eric Pryne, Seattle Times, 12.24.2008)
(Dan Richman, Seattle P-I, 12.23.2008)
Categories: News
Tags: Allison, commercial, downtown, JPMorgan, Pryne, Richman, Seattle_PI, Seattle_Times, WaMu
By The Tim on December 1st, 2008 at 2:30 PM · 25 Comments
Photo by The Tim
The official layoff count for WaMu was made public today. According to various news sources, JPMorgan Chase will be cutting 3,400 jobs in Seattle.
JPMorgan Chase is laying off 3,400 Washington Mutual employees in Seattle, according to spokesman Tom Kelly. That’s more than 80 percent of the 4,300 people it employs in the city.
Most branch workers will keep their jobs, however.
WaMu’s former headquarters city is taking the brunt of the 9,200 WaMu layoffs that JPMorgan is making nationwide.
This is even more than the estimates we heard just a few weeks ago, when anonymous WaMu executives were cited in a Times report that said “as many as 3,000 of WaMu’s 4,200 workers in Seattle could lose their jobs.”
Fortunately it sounds like those that are losing their jobs are at least being given pretty nice severance packages, and many will have lots of time to find new jobs. It still hurts to lose a job though, and I sincerely hope that those affected by the massive bank failure are able to keep on their feet through these difficult economic times.
(Melissa Allison, Seattle Times, 12.01.2008)
Categories: News
Tags: banks, Commercial Real Estate, JPMorgan, layoffs, WaMu
By The Tim on November 19th, 2008 at 10:20 AM · 79 Comments
According to today’s Seattle Times, JPMorgan Chase plans to cut around 70% of WaMu’s Seattle-area employees.
JPMorgan is handing out layoff notices now and is expected to finish making decisions about all of WaMu’s 43,200 employees nationwide by Dec. 1.
As many as 3,000 of WaMu’s 4,200 workers in Seattle could lose their jobs, according to current and recently departed WaMu executives who spoke on condition of anonymity.
“It’s pretty dire for Seattle,” said one former high-ranking executive.
The layoffs will leave gaping holes in downtown Seattle’s commercial real-estate market, where WaMu occupies more office space than any other company.
With no other major banks headquartered here in Seattle, I wonder where all these newly jobless banking professionals will be able to find work.
I’d like to extend my condolences to those that are affected by these cuts, which are likely to include some of my friends. Sure, we were right about the housing bubble, but nobody likes to see people lose their jobs.
Best of luck to the soon to be former WaMulians.
(Melissa Allison & Eric Pryne, Seattle Times, 11.19.2008)
Categories: News
Tags: banks, Commercial Real Estate, JPMorgan, layoffs, WaMu
