JP Morgan Head of Global Real Estate Awarded At The 2019 Awards For Excellence In NY
Michael Davidson received the 2019 Real Estate Executive of the Year recognition in Manhattan, according to Globe Street. Davidson was awarded at the 60th floor at 28 Liberty St. in Lower Manhattan, according to the report. The award was given by the commercial real estate professional association CoreNet Global NYC, during its 2019 Awards for Excellence event.
One of the largest banks in the US, JP Morgan Chase, is planning to demolish its current 50-story, 1.5 million sq ft headquarters at 270 Park Avenue.
The plan is to replace it with a 2.5 million sq ft office tower, with a revised plan reportedly having a 1,322 ft tall building as an initial replacement. Details weren't clear whether all these occurred under Davidson's leadership.
Another awardee was Meaghan Ferrell, regional account director for corporate solutions at JLL, who took home the Service Provider of the Year award. Alison Kwiatkowski, the VP, American business partner, and corporate real estate and services head at Deutsche Bank, was given the Young Leader of the Year Award.
JP Morgan Chase's moves haven't competed yet as it is reportedly bringing back $40.4 billion to its shareholders, Forbes reported. The move is a part of its latest capital return plan, which is the biggest ever plan to date for the banking giant. This plan dwarfed a previous record by any US bank over a 12-month period, with Wells Fargo having completed that activity.
The new plan has JP Morgan hiking quarterly dividends by 12.5%, from 80 to 90 cents a share beginning the third quarter of 2019. It will also repurchase around $29.4 billion worth of its common shares during that period. The latest return plan is a 28% jump when compared to the previous plan of $31.5 billion in dividends and share re-purchase they last announced in 2018.
The forecast for the year, however, will likely be over $35.9 billion, a hike from the previous forecast of $32.7 billion. This would also make 2019 a good year for JP Morgan in terms of total payouts as well.
With the series of moves they've been making, it's no wonder why JP Morgan's brightest have managed to win the coveted award. Expect more of the same moves from the banking giant as they navigate to end this financial year with a bang and their usual best.