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Wall Street West is a name used by
real estate developers Real estate development, or property development, is a business process, encompassing activities that range from the renovation and re-lease of existing buildings to the purchase of raw land and the sale of developed land or parcels to others. R ...
, city officials and
news media The news media or news industry are forms of mass media that focus on delivering news to the general public or a target public. These include news agencies, print media (newspapers, news magazines), broadcast news (radio and television), and ...
in the United States to call particular streets or places west of
Manhattan Manhattan (), known regionally as the City, is the most densely populated and geographically smallest of the five boroughs of New York City. The borough is also coextensive with New York County, one of the original counties of the U.S. state ...
that have a high concentration of
Wall Street Wall Street is an eight-block-long street in the Financial District of Lower Manhattan in New York City. It runs between Broadway in the west to South Street and the East River in the east. The term "Wall Street" has become a metonym for ...
companies or a major
exchange Exchange may refer to: Physics *Gas exchange is the movement of oxygen and carbon dioxide molecules from a region of higher concentration to a region of lower concentration. Places United States * Exchange, Indiana, an unincorporated community * ...
. The most notable for that is along the waterfront of
Jersey City, New Jersey Jersey City is the second-most populous city in the U.S. state of New Jersey, after Newark.Western United States The Western United States (also called the American West, the Far West, and the West) is the region comprising the westernmost states of the United States. As American settlement in the U.S. expanded westward, the meaning of the term ''the We ...
, the name "Wall Street of the West" has been used in the latter part of the 19th century.
Montgomery Street Montgomery Street is a north-south thoroughfare in San Francisco, California, in the United States. It runs about 16 blocks from the Telegraph Hill neighborhood south through downtown, terminating at Market Street. South of Columbus Avenue ...
in
San Francisco San Francisco (; Spanish for " Saint Francis"), officially the City and County of San Francisco, is the commercial, financial, and cultural center of Northern California. The city proper is the fourth most populous in California and 17t ...
has been known by that nickname to date. Other places were known by that name for a period of time until the industry moved out to other areas.


"Wall Street of the West"


San Francisco

The Montgomery Street in
San Francisco San Francisco (; Spanish for " Saint Francis"), officially the City and County of San Francisco, is the commercial, financial, and cultural center of Northern California. The city proper is the fourth most populous in California and 17t ...
started its transformation from the street with wood shacks, warehouses and retail stores in the 1850s. By the 1870s, more notable buildings were constructed to replace the old wood shacks and the
mud flats Mudflats or mud flats, also known as tidal flats or, in Ireland, slob or slobs, are coastal wetlands that form in intertidal areas where sediments have been deposited by tides or rivers. A global analysis published in 2019 suggested that tidal fl ...
. The street continued to develop from that point with financial services companies located in that area. The Montgomery Street has been known as "Wall Street of the West" to date. The
Financial District A financial district is usually a central area in a city where financial services firms such as banks, insurance companies and other related finance corporations have their head offices. In major cities, financial districts are often home to s ...
has been expanded to cover the triangular area east of Grant Avenue, south of Washington Street, west of the Embarcadero. In 2012, when the
Occupy movement The Occupy movement was an international populist socio-political movement that expressed opposition to social and economic inequality and to the perceived lack of "real democracy" around the world. It aimed primarily to advance social and econo ...
had a protest at the San Francisco's Financial District as a continuation of Occupy San Francisco, the protesters went through the financial district under the banner ''Occupy Wall Street West'' giving the shorter name of the financial district than its typical name as Wall Street of the West.


Denver

For
Denver Denver () is a consolidated city and county, the capital, and most populous city of the U.S. state of Colorado. Its population was 715,522 at the 2020 census, a 19.22% increase since 2010. It is the 19th-most populous city in the Unit ...
, Colorado, the city started picking up some shares of commercial buildings in the late 19th century. There was a push by the local politicians to transform its Seventeenth Street to become the "Wall Street of the Denver" as seen in an 1892 pamphlet in promoting the Equitable Building by the Equitable Life Assurance Society. Other buildings were constructed at other corners of the 17th Street such as the
Boston Building The Boston Building, built in 1890, is a historic building in Denver, Colorado. It was designed by the firm Andrews, Jaques & Rantoulthe same architects who designed the nearby Equitable Buildingand was dubbed the first "strictly modern office b ...
in 1890 and the Ideal Cement Building in 1907. By that time, the 17th Street had been referred as "Wall Street of the West". After the Colorado National Bank (First National Bank) was constructed in 1911, it reaffirmed its central business district's Wall Street status. The 17th Street was also called "Wall Street of the Rockies" at a later time as it attracted other premier financial institutions.


Los Angeles

Los Angeles Los Angeles ( ; es, Los Ángeles, link=no , ), often referred to by its initials L.A., is the largest city in the state of California and the second most populous city in the United States after New York City, as well as one of the world ...
also picked up a fair share of financial companies starting in the early part of the 1900s. The new financial buildings were concentrating along South Spring Street. The title of "Wall Street of the West" was used and the
Spring Street Financial District Spring Street in Los Angeles is one of the oldest streets in the city. Along Spring Street in Downtown Los Angeles, from just north of Fourth Street to just south of Seventh Street is the NRHP-listed Spring Street Financial District, nicknamed W ...
was born. The district continued to flourish for many decades until the 1960s when companies started shifting toward the western part of the downtown area. By the early 1980s, many buildings were empty and the Spring Street showed no sign of its past as one of the financial centers.


Fort Worth

Fort Worth, Texas Fort Worth is the List of cities in Texas by population, fifth-largest city in the U.S. state of Texas and the List of United States cities by population, 13th-largest city in the United States. It is the county seat of Tarrant County, Texas, T ...
was known as the "Wall Street of the West" starting in the early 1900s similarly to Los Angeles's South Spring Street. However, it was not the financial companies that gave
Fort Worth Stockyards The Fort Worth Stockyards is a historic district that is located in Fort Worth, Texas, north of the central business district. A portion encompassing much of the district was listed on the National Register of Historic Places as Fort Worth Sto ...
its Wall Street name, but the
livestock Livestock are the domesticated animals raised in an agricultural setting to provide labor and produce diversified products for consumption such as meat, eggs, milk, fur, leather, and wool. The term is sometimes used to refer solely to ani ...
trading. In 1902, the Livestock Exchange Building was constructed to house many livestock commission companies,
telegraph Telegraphy is the long-distance transmission of messages where the sender uses symbolic codes, known to the recipient, rather than a physical exchange of an object bearing the message. Thus flag semaphore is a method of telegraphy, whereas ...
offices, railroad offices and other support businesses. The business grew to the peak at 1944 which processed 5,277,496 head of livestock. After that year, the livestock exchange business started to decline until its low point in 1986. The Livestock Exchange Building is now a historical site.


Jersey City

In the 1980s, some financial companies started moving from
Manhattan Manhattan (), known regionally as the City, is the most densely populated and geographically smallest of the five boroughs of New York City. The borough is also coextensive with New York County, one of the original counties of the U.S. state ...
to the west of the
Hudson River The Hudson River is a river that flows from north to south primarily through eastern New York. It originates in the Adirondack Mountains of Upstate New York and flows southward through the Hudson Valley to the New York Harbor between Ne ...
to settle along the waterfront of
Jersey City, New Jersey Jersey City is the second-most populous city in the U.S. state of New Jersey, after Newark.Bankers Trust Bankers Trust was a historic American banking organization. The bank merged with Alex. Brown & Sons in 1997 before being acquired by Deutsche Bank in 1999. Deutsche Bank sold the Trust and Custody division of Bankers Trust to State Street Corp ...
had a major relocation to in 1985. Other major financial firms followed shortly after with National Westminster Bank of London building its domestic subsidiary there.
Donaldson, Lufkin & Jenrette Donaldson, Lufkin & Jenrette (DLJ) was a U.S. investment bank founded by William H. Donaldson, Richard Jenrette, and Dan Lufkin in 1959. Its businesses included securities underwriting; sales and trading; investment and merchant banking; finan ...
(DLJ) moved into a new 20-story building in the Exchange Place area. The new
Harborside Financial Center Harborside is an office complex in the Exchange Place district of Jersey City, New Jersey located on the Hudson Waterfront. All the buildings are owned and managed by Mack-Cali Realty Corporation, with the exception of Harborside Plaza 10, wh ...
was built with anticipation of more relocations.
Daiwa Securities is a Japanese investment bank that is the second largest securities brokerage after Nomura Securities. Major subsidiaries include ''Daiwa Securities'', which offers retail services such as online trading to individual investors and investment ...
,
Royal Bank of Canada Royal Bank of Canada (RBC; french: Banque royale du Canada) is a Canadian multinational financial services company and the largest bank in Canada by market capitalization. The bank serves over 17 million clients and has more than 89,000 ...
, and
Chase Manhattan Bank JPMorgan Chase Bank, N.A., doing business as Chase Bank or often as Chase, is an American national bank headquartered in New York City, that constitutes the consumer and commercial banking subsidiary of the U.S. multinational banking and fi ...
were planning to have their major workforce there. Another major development in Exchange Place started with a plan to redevelop the 34-acre former
Colgate-Palmolive Colgate-Palmolive Company is an American multinational consumer products company headquartered on Park Avenue in Midtown Manhattan, New York City. The company specializes in the production, distribution, and provision of household, health car ...
soap factory in 1988. The first building was
101 Hudson Street 101 Hudson Street, also known as the Merrill Lynch Building, in the Exchange Place neighborhood of Jersey City, New Jersey, is the seventh-tallest building in Jersey City, and the sixth-tallest in the state of New Jersey. Completed in 1992, it ...
with more than 3,000
back-office A back office in most corporations is where work that supports '' front office'' work is done. The front office is the "face" of the company and is all the resources of the company that are used to make sales and interact with customers and cli ...
workers of
Merrill Lynch Merrill (officially Merrill Lynch, Pierce, Fenner & Smith Incorporated), previously branded Merrill Lynch, is an American investment management and wealth management division of Bank of America. Along with BofA Securities, the investment ba ...
and
Lehman Brothers Lehman Brothers Holdings Inc. ( ) was an American global financial services firm founded in 1847. Before filing for bankruptcy in 2008, Lehman was the fourth-largest investment bank in the United States (behind Goldman Sachs, Morgan Stanley, ...
moved in by 1993. On the northern end of Jersey City's waterfront, another major development called Newport was started in the late 1980s. It was planned as a mixed-use community with office, residential and retail buildings. By early 2001, Newport had gained major tenants including
UBS UBS Group AG is a multinational investment bank and financial services company founded and based in Switzerland. Co-headquartered in the cities of Zürich and Basel, it maintains a presence in all major financial centres as the largest Swi ...
,
Knight Capital The Knight Capital Group was an American global financial services firm engaging in market making, electronic execution, and institutional sales and trading. With its high-frequency trading algorithms Knight was the largest trader in U.S. equitie ...
, and Insurance Services Office By that time, the "Wall Street West" expanded to include the entire waterfront area from Newport to Exchange Place. After the
September 11 attacks The September 11 attacks, commonly known as 9/11, were four coordinated suicide terrorist attacks carried out by al-Qaeda against the United States on Tuesday, September 11, 2001. That morning, nineteen terrorists hijacked four commer ...
, there were renewed interests from financial firms to diversify their workforce to be outside of Manhattan. At the same time, there were immediate needs to find office space for misplaced workers who used to work in the
Lower Manhattan Lower Manhattan (also known as Downtown Manhattan or Downtown New York) is the southernmost part of Manhattan, the central borough for business, culture, and government in New York City, which is the most populated city in the United States with ...
area. Office space in Jersey City's waterfront became boom again due to its proximity to Lower Manhattan and the ferry services which were not affected by the attacks. By the end of September 2001, ten of the largest 18 firms from the World Trade Center area including
American Express American Express Company (Amex) is an American multinational corporation, multinational corporation specialized in payment card industry, payment card services headquartered at 200 Vesey Street in the Battery Park City neighborhood of Lower Man ...
and
Deutsche Bank Deutsche Bank AG (), sometimes referred to simply as Deutsche, is a German multinational investment bank and financial services company headquartered in Frankfurt, Germany, and dual-listed on the Frankfurt Stock Exchange and the New York St ...
moved some of their operations to Jersey City.
Goldman Sachs Goldman Sachs () is an American multinational investment bank and financial services company. Founded in 1869, Goldman Sachs is headquartered at 200 West Street in Lower Manhattan, with regional headquarters in London, Warsaw, Bangalore, Ho ...
at the time were planning to move its headquarters to the new building being constructed in Jersey City. The boom since 2001 was short-lived. By 2007, the vacancy rate had increased and some financial firms had scaled down their plans. UBS changed their plans to fully occupy the newly constructed building. Goldman Sachs only partially occupied its building and planned to build a new headquarters in New York. Wall Street West suffered further by the
2008 financial crisis 8 (eight) is the natural number following 7 and preceding 9. In mathematics 8 is: * a composite number, its proper divisors being , , and . It is twice 4 or four times 2. * a power of two, being 2 (two cubed), and is the first number of t ...
. The office space vacancy rate spiked as investment bank tenants started collapsing. The downturn economy dampened real estate growth in the area for many years. As the economy started to recover between 2011 and 2012, large leases started to pick up again especially in the Newport area with major financial institutions such as
Citigroup Citigroup Inc. or Citi ( stylized as citi) is an American multinational investment bank and financial services corporation headquartered in New York City. The company was formed by the merger of banking giant Citicorp and financial conglomera ...
and
Fidelity Investments Fidelity Investments, commonly referred to as Fidelity, earlier as Fidelity Management & Research or FMR, is an American multinational financial services corporation based in Boston, Massachusetts. The company was established in 1946 and is o ...
.
Depository Trust and Clearing Corporation The Depository Trust & Clearing Corporation (DTCC) is an American post-trade financial services company providing clearing and settlement services to the financial markets. It performs the exchange of securities on behalf of buyers and seller ...
also moved the majority of its workforce from Manhattan to Jersey City. Currently, "Wall Street West" employment contributes to one-third of the
private sector The private sector is the part of the economy, sometimes referred to as the citizen sector, which is owned by private groups, usually as a means of establishment for profit or non profit, rather than being owned by the government. Employment The ...
jobs in Jersey City. Within the Financial Service cluster, there are three major sectors: more than 60 percent are in the
securities industry A security is a tradable financial asset. The term commonly refers to any form of financial instrument, but its legal definition varies by jurisdiction. In some countries and languages people commonly use the term "security" to refer to any f ...
; 20 percent are in
bank A bank is a financial institution that accepts Deposit account, deposits from the public and creates a demand deposit while simultaneously making loans. Lending activities can be directly performed by the bank or indirectly through capital m ...
ing; and 8 percent in
insurance Insurance is a means of protection from financial loss in which, in exchange for a fee, a party agrees to compensate another party in the event of a certain loss, damage, or injury. It is a form of risk management, primarily used to hedge ...
.


Northeastern Pennsylvania

After the September 11 attacks, the U.S. Securities and Exchange Commission, the
Federal Reserve The Federal Reserve System (often shortened to the Federal Reserve, or simply the Fed) is the central banking system of the United States of America. It was created on December 23, 1913, with the enactment of the Federal Reserve Act, after a ...
and the
Office of the Comptroller of the Currency The Office of the Comptroller of the Currency (OCC) is an independent bureau within the United States Department of the Treasury that was established by the National Currency Act of 1863 and serves to charter, regulate, and supervise all nat ...
recommended that the data backup facilities of Wall Street firms should be moved away from New York City with a different
power grid An electrical grid is an interconnected network for electricity delivery from producers to consumers. Electrical grids vary in size and can cover whole countries or continents. It consists of:Kaplan, S. M. (2009). Smart Grid. Electrical Power ...
, transportation network and
watershed Watershed is a hydrological term, which has been adopted in other fields in a more or less figurative sense. It may refer to: Hydrology * Drainage divide, the line that separates neighbouring drainage basins * Drainage basin, called a "watershe ...
than New York. In 2006, Governor of Pennsylvania,
Ed Rendell Edward Gene Rendell (; born January 5, 1944) is an American lawyer, prosecutor, politician, and author. He served as the 45th Governor of Pennsylvania from 2003 to 2011, as chair of the national Democratic Party, and as the 96th Mayor of Philad ...
, announced the creation of "Wall Street West" initiative to attract 20 potential Wall Street firms to move their backup facilities to
Northeastern Pennsylvania Northeastern Pennsylvania (NEPA) is a geographic region of the U.S. state of Pennsylvania that includes the Pocono Mountains, the Endless Mountains, and the industrial cities of Scranton, Wilkes-Barre, Pittston, Hazleton, Nanticoke, and Car ...
in nine counties: Northampton, Berks, Monroe, Carbon, Pike, Wayne, Luzerne and Lackawanna. He also pledged to invest in office space construction, infrastructure improvement and installation of
fiber optic An optical fiber, or optical fibre in Commonwealth English, is a flexible, transparent fiber made by drawing glass (silica) or plastic to a diameter slightly thicker than that of a human hair. Optical fibers are used most often as a means t ...
cable from New York City to the region. The region was chosen as it was still within from Manhattan which was considered far enough to sustain a major disaster but still within the range of instantaneous data transmission via fiber optics. The first project was Penn Regional Business Center in Monroe County. At the beginning of the initiative, Ben Franklin Technology Partners of Northeast Pennsylvania (BFTP/NEP), a state-funded economic development network, worked closely with the Pennsylvania Department of Labor and Industry and Community and Economic Development to develop a proposal for the federal grants through
Workforce Innovation in Regional Economic Development Workforce Innovation in Regional Economic Development (WIRED) was a project of the United States Department of Labor. It provided a new approach to workforce and economic development. Through the WIRED model, regions integrated economic and workfo ...
(WIRED). The management was later turned to an independent unit called Wall Street West with a 17-member Executive Committee. In June 2007, the initiative received an $8 million commitment from
Level 3 Communications Level 3 Communications was an American multinational telecommunications and Internet service provider company headquartered in Broomfield, Colorado. It ultimately became a part of CenturyLink (now Lumen Technologies), where Level 3 President ...
for a $40 million project to build a new fiber optic network from Manhattan to East Stroudsburg with a branched-off network in
Warren County Warren County is the name of fourteen counties in the USA. Some are named after General Joseph Warren, who was killed in the Battle of Bunker Hill in the American Revolutionary War: * Warren County, Georgia * Warren County, Illinois * Warren County ...
in New Jersey. This was to address the shortcoming of direct high-speed communication which was required by Wall Street firms. However, by June 2008, the initiative was unable to attract any Wall Street firm to the region with an exception of one financial services related company. A company which hosted compliance solutions for financial services opened its new data center in the region with 10 job creation. By that time, Level 3 Communications indicated that it would not build the fiber optic link unless more financial services firms commit to locate in the region and buy services from them. Part of the difficulties in attracting more companies was that many financial institutions were more comfortable with the shorter range of from Manhattan which caused many financial firms to build out their new data centers in
Central New Jersey Central Jersey is the central region of the U.S. state of New Jersey. The designation of Central New Jersey is a distinct administrative toponym. Geographic area and descriptions While the State of New Jersey is often divided into North and ...
instead. Without a commitment from financial services companies, the decision was made in 2009 to expand the Wall Street West mission to include healthcare,
advanced materials ''Advanced Materials'' is a weekly peer-reviewed scientific journal covering materials science. It includes communications, reviews, and feature articles on topics in chemistry, physics, nanotechnology, ceramics, metallurgy, and biomaterial ...
and diversified manufacturing, and
logistics Logistics is generally the detailed organization and implementation of a complex operation. In a general business sense, logistics manages the flow of goods between the point of origin and the point of consumption to meet the requirements of ...
and transportation industries.


References

{{reflist, 2 Wall Street