Posts tagged with "JPMorgan Chase"

Hundreds of companies, CEOs band together to defend and protect voting access

April 15, 2021

Hundreds of business leaders and companies—including Amazon, JPMorgan Chase, General Motors,. and Netflix—have signed on to a statement promising to “defend the right to vote and oppose any discriminatory legislation” in the latest corporate response to a wave of Republican-led voting suppression bills being advanced in dozens of states.

Among the executive signatories are BlackRock CEO Larry Fink, Berkshire Hathaway CEO Warren Buffet, and Bloomberg CEO Michael Bloomberg.

According to a report by The Wall Street Journal, more than 300 companies, CEOs, and other executives signed the statement, which appeared as a full-page advertisement in The New York Times and other publications on March 14.

It was organized by Kenneth Chenault, the former chief executive of American Express, and Kenneth Frazier, CEO of Merck.

“There is overwhelming support in corporate America for this principle of voting rights,” Chenault said. “The right to vote is fundamental to America. It is not a partisan issue.”

According to the Journal, the statement doesn’t directly address specific voting legislation, nor does it call on companies to take business action or halt political donations to lawmakers supporting such bills.

“Clearly, we’re not being prescriptive about how people manifest their opposition,” Chenault said. “Who in their right mind would say that they want legislation that will limit people’s ability to vote?”

Research contact: @WSJ

A-Rod and J-Lo retain JPMorgan to raise money for Mets bid

April 22, 2020

After 22 years as a major league player—and nearly four years in retirement—baseball superstar Alex Rodriguez has decided he wants to be back in the game.

He and his fiancé, recording artist and actor Jennifer Lopez, have retained JPMorgan Chase to raise capital for a possible bid on the New York Mets, people familiar with the matter told Variety exclusively this week. .

The celebrity couple is working with Managing Director Eric Menell, the bank’s co-head of North American media investment banking, said the sources, who were granted anonymity because the matter is private. Menell didn’t respond to several requests seeking comment.

Representatives for Rodriguez and Lopez did not immediately respond to requests for comment.

The Wilpon family, which owns the Mets, said in December they were in talks to sell up to 80% of the Major League Baseball team to hedge fund titan Steve Cohen in a deal that valued the club at $2.6 billion. Under terms of that proposed deal, the Wilpons would’ve maintained control of the franchise for five years.

Negotiations fell apart after Cohen sought to amend the terms. Since then, the Mets have retained Allen & Co.’s Steve Greenberg to oversee the sale process.

According to the Variety report, it isn’t uncommon for an athlete, entertainer or celebrity to hold a limited position in a professional sports team. A-Rod’s former teammate, Derek Jeter, for instance, is a part owner of baseball’s Miami Marlins. The team’s managing partner is venture capitalist Bruce Sherman; while Jeter, who owns about 4% of the club, runs business and baseball operations. Jeter contributed about $25 million to the purchase of the team, which was sold for $1.2 billion.

A-Rod and J-Lo, as the recording artist is known, would similarly require deep-pocketed partners in order to pull off the purchase. Their combined net worth is about $700 million.

As a player, A-Rod entertained signing with the Mets as a free agent in 2000. He ultimately signed a record 10-year, $252 million deal with the Texas Rangers. He was then traded to the Yankees, where he won a World Series.

J-Lo is from the Bronx, home of the Yankees.

Unlike with Cohen, no preconditions regarding control of the team will be attached to the sale. Cohen holds an 8% stake in the Mets.

The Wilpons assumed control of the franchise in 2002 at a valuation of $391 million. Whoever buys the team will assume annual losses of at least $50 million, Variety said.

Research contact: @Variety

WeWork is now second-biggest private office tenant in Manhattan

June 19, 2018

Eight years after opening its first co-working space in New York City’s SoHo neighborhood, WeWork is now the second-biggest private office tenant in Manhattan, Recode reports. The company—which provides in-demand shared workspaces and services for freelancers, startups, and small businesses—now has 50 locations in the Big Apple; and five locations in SoHo, alone.

In fourth place just last year, WeWork is second only at this point to financial services company JPMorgan Chase, according to data from the real estate firm Cushman & Wakefield. Indeed, if WeWork were to lease another 407,356 square feet—roughly eight more average-size locations — it would be the biggest private office tenant in Manhattan, Recode reckons.

In 2017, WeWork opened ten new locations in the city and already another five are anticipated to open this year. Thanks in part to a $4.4 billion infusion from SoftBank’s Vision Fund in August 2017, the company expects 2018 to be its biggest growth year yet, according to the Recode report—estimating an addition of more than 750,000 square feet of office space in New York City.

WeWork currently has 2.9 million square feet of open office space across Manhattan, Brooklyn and Queens, half of which was opened in the past two years. That’s enough to house the current 45,000 members.

Each location has a standard set of amenities and perks—beer and microbrew coffee on tap and large, open common spaces — but not all New York WeWorks are created equal. The South Williamsburg location, popular with freelance artists, has a photo studio members can use for shoots, and the Hudson Square location is building an indoor garden. A number of New York City locations also now include workout equipment.

WeWork says its New York City locations are, on average, 90% occupied. Several—including those in the Meatpacking District, Chelsea and Bryant Park—are at 100% membership and have wait lists, suggesting there’s still demand to grow its NYC capacity even more.

According to Recode, companies with more than 1,000 employees are WeWork’s fastest-growing segment, often renting overflow or satellite spaces from WeWork. These enterprise clients now make up about 15% of WeWork’s New York City membership, up from virtually zero a few years ago.

New York, which comprises 20% of WeWork’s 13 million square foot global footprint, also has become a test area for WeWork’s other businesses. These include a “co-living space” called WeLive that rents around 200 fully furnished apartments, which feels like a fancy dorm for grown-ups, with Pac-Man machines in the laundry room and a shared rooftop hot tub; and a gym called RisebyWe that’s a subterranean oasis, complete with a mineral bath, “semi-private” training, and an Astroturf gym.

Research contact: Rani.Molla@Recode.net