G Ware Travelstead
Encyclopedia
Gooch Ware "G" Travelstead is an American property developer and entrepreneur, born in Kentucky in 1938.
While head of First Boston Real Estate, a subsidiary of Credit Suisse First Boston
, Travelstead was the original designer and promoter of the Canary Wharf
estate in London Docklands.
His father Will Gooch Travelstead was an engineer and businessman who owned Travelstead Construction Company in Baltimore, Maryland. He was involved in the construction of many projects such as the World Trade Center building, and also was the subcontractor for the construction of Cape Kennedy. He and his first wife were the parents of two children, G. Ware Travelstead and Malcolm Travelstead.
After retiring in 1975, Will Travelstead returned to Bowling Green, Kentucky and lived in a vacation home until he could complete renovation of the old family home, Travelogs. Will Travelstead died in 1981.
, chairman of Credit Suisse
First Boston (CSFB) and also chairman of Roux Restaurants, was invited for lunch by the LDDC on the Thames barge moored alongside Shed 31 at Canary Wharf, to promote the idea of this food packaging factory being based on the Isle of Dogs.
Von Clemm came from Boston and when he looked through the porthole at Shed 31, a simple brick-concrete infill, he commented that it reminded him of the warehouses in Boston harbour which had been converted into back up offices and small business premises. Reg Ward
, at the time LDDC Chief Executive, remembers him suddenly leaning back and saying: "I do not know why we do not go for a shed like 31 as a 200000 sq ft (18,580.6 m²) back up office."
This led on to discussions at CSFB's offices, during which their American property adviser Travelstead, raised his hand and said: "We're asking ourselves the wrong question. Of course we can take Shed 31 and convert it into a backup office, but we have spent the last five years courting at the Court of the City of London for a new site for a new configuration of building without success. The question is: 'Can we move our front office to the Isle of Dogs?"' There was immediate dissent. Reg Ward, however, agreed with Travelstead and pointed out that Citibank had successfully moved into mid-town New York and had also moved from the central business district in Hong Kong, drawing other users with it. (Eventually it would do the same in Docklands, constructing its own building at Canary Wharf)
Travelstead managed to persuade the London Docklands Development Corporation
and the Government of Margaret Thatcher
that a new financial services district of ten million square feet, located at the old West India Docks
, was viable. He was the first to propose a single main tower, which later became One Canada Square
and also negotiated the enterprise zone terms, which were the key to the successful development of the site. He proposed building the project as part of a consortium led by his own company The Travelstead Group, together with prospective occupiers CSFB and Morgan Stanley.
However, he was unable to fund his project and on 7 July 1987, CSFB and Morgan Stanley pulled out of the consortium, effectively pulling the plug.
The scheme was taken over a month later by Canadian developers Olympia and York
, who went on to develop the first phase before themselves going bust. However, Canary Wharf has since outgrown even Ware Travelstead's ambitious vision, and now covers some 15000000 square feet (1,393,545.6 m²).
of 1992 and working with Bruce Graham of Skidmore Owens and Merrill to create the scheme which later became Porto Olimpico. He was behind the design and development of the Hotel Arts
, a 45-storey, 600 room luxury hotel, together with Japanese company Sogo
. However, later the hotel was acquired by Deutsche Bank
.
HQ was built on the 383 Madison Avenue Site.
In his private life, G Ware Travelstead has been a philanthropist and art collector. He funded the G Ware Travelstead Professorship of Architecture at Harvard University
Graduate School of Design.
While head of First Boston Real Estate, a subsidiary of Credit Suisse First Boston
Credit Suisse First Boston
Credit Suisse First Boston was the former name of the banking firm Credit Suisse.-History:In 1978, Credit Suisse and First Boston Corporation formed a London-based 50-50 investment banking joint venture called the Financière Crédit Suisse-First Boston...
, Travelstead was the original designer and promoter of the Canary Wharf
Canary Wharf
Canary Wharf is a major business district located in London, United Kingdom. It is one of London's two main financial centres, alongside the traditional City of London, and contains many of the UK's tallest buildings, including the second-tallest , One Canada Square...
estate in London Docklands.
Family
Travelstead came from a Kentucky family. His grandmother Nelle Gooch Travelstead was the daughter of a prominent Democrat state politician and was a teacher.His father Will Gooch Travelstead was an engineer and businessman who owned Travelstead Construction Company in Baltimore, Maryland. He was involved in the construction of many projects such as the World Trade Center building, and also was the subcontractor for the construction of Cape Kennedy. He and his first wife were the parents of two children, G. Ware Travelstead and Malcolm Travelstead.
After retiring in 1975, Will Travelstead returned to Bowling Green, Kentucky and lived in a vacation home until he could complete renovation of the old family home, Travelogs. Will Travelstead died in 1981.
Canary Wharf
In 1984 the restaurateurs, the Roux Brothers, were looking for several thousand square feet of space to prepare pre-cooked meals. Michael von ClemmMichael von Clemm
Dr Michael von Clemm was an American businessman, restaurateur, anthropologist and President of Templeton College, Oxford. Although in one interpretation of his life, he was merely a high-flying banker, he could also have been said to have helped start the restaurant revolution in the UK of the...
, chairman of Credit Suisse
Credit Suisse
The Credit Suisse Group AG is a Swiss multinational financial services company headquartered in Zurich, with more than 250 branches in Switzerland and operations in more than 50 countries.-History:...
First Boston (CSFB) and also chairman of Roux Restaurants, was invited for lunch by the LDDC on the Thames barge moored alongside Shed 31 at Canary Wharf, to promote the idea of this food packaging factory being based on the Isle of Dogs.
Von Clemm came from Boston and when he looked through the porthole at Shed 31, a simple brick-concrete infill, he commented that it reminded him of the warehouses in Boston harbour which had been converted into back up offices and small business premises. Reg Ward
Reg Ward
Albert Joseph Ward, known as Reg Ward was the first Chief Executive of the London Docklands Development Corporation , serving in that capacity from 1981 to 1988.- Early life and education :...
, at the time LDDC Chief Executive, remembers him suddenly leaning back and saying: "I do not know why we do not go for a shed like 31 as a 200000 sq ft (18,580.6 m²) back up office."
This led on to discussions at CSFB's offices, during which their American property adviser Travelstead, raised his hand and said: "We're asking ourselves the wrong question. Of course we can take Shed 31 and convert it into a backup office, but we have spent the last five years courting at the Court of the City of London for a new site for a new configuration of building without success. The question is: 'Can we move our front office to the Isle of Dogs?"' There was immediate dissent. Reg Ward, however, agreed with Travelstead and pointed out that Citibank had successfully moved into mid-town New York and had also moved from the central business district in Hong Kong, drawing other users with it. (Eventually it would do the same in Docklands, constructing its own building at Canary Wharf)
Travelstead managed to persuade the London Docklands Development Corporation
London Docklands Development Corporation
The London Docklands Development Corporation was a quango agency set up by the UK Government in 1981 to regenerate the depressed Docklands area of east London. During its eighteen-year existence it was responsible for regenerating an area of in the London Boroughs of Newham, Tower Hamlets and...
and the Government of Margaret Thatcher
Margaret Thatcher
Margaret Hilda Thatcher, Baroness Thatcher, was Prime Minister of the United Kingdom from 1979 to 1990...
that a new financial services district of ten million square feet, located at the old West India Docks
West India Docks
The West India Docks are a series of three docks on the Isle of Dogs in London, the first of which opened in 1802. The docks closed to commercial traffic in 1980 and the Canary Wharf development was built on the site.-History:...
, was viable. He was the first to propose a single main tower, which later became One Canada Square
One Canada Square
One Canada Square is a skyscraper in Canary Wharf in the London Borough of Tower Hamlets. It is the tallest completed building in the United Kingdom since 1991, standing at above ground level and containing 50 storeys...
and also negotiated the enterprise zone terms, which were the key to the successful development of the site. He proposed building the project as part of a consortium led by his own company The Travelstead Group, together with prospective occupiers CSFB and Morgan Stanley.
However, he was unable to fund his project and on 7 July 1987, CSFB and Morgan Stanley pulled out of the consortium, effectively pulling the plug.
The scheme was taken over a month later by Canadian developers Olympia and York
Olympia and York
Olympia & York was once a major international property development firm based in Canada. The firm built major financial office complexes like Canary Wharf in London, the World Financial Center in New York City and First Canadian Place in Toronto...
, who went on to develop the first phase before themselves going bust. However, Canary Wharf has since outgrown even Ware Travelstead's ambitious vision, and now covers some 15000000 square feet (1,393,545.6 m²).
Porto Olimpico, Barcelona
Travelstead then turned his attention to Spain, promoting the development of Barcelona's run-down port area in the run up to the Olympic GamesOlympic Games
The Olympic Games is a major international event featuring summer and winter sports, in which thousands of athletes participate in a variety of competitions. The Olympic Games have come to be regarded as the world’s foremost sports competition where more than 200 nations participate...
of 1992 and working with Bruce Graham of Skidmore Owens and Merrill to create the scheme which later became Porto Olimpico. He was behind the design and development of the Hotel Arts
Hotel Arts
The Hotel Arts is a 44-story, 483 room luxury hotel on the seafront of Barcelona, in Catalonia.Contrary to popular belief, it was not built to service the 1992 Summer Olympics, though its construction was part of the big changes underwent by the city to prepare the Games. It remains one of the...
, a 45-storey, 600 room luxury hotel, together with Japanese company Sogo
Sogo
Sogo Co., Ltd. is a department store chain that operates an extensive network of branches in Japan. It once owned stores in locations as diverse as Beijing in China, Causeway Bay in Hong Kong, Taipei in Taiwan, Jakarta, Medan, Bandung & Surabaya in Indonesia, Kuala Lumpur in Malaysia, Singapore,...
. However, later the hotel was acquired by Deutsche Bank
Deutsche Bank
Deutsche Bank AG is a global financial service company with its headquarters in Frankfurt, Germany. It employs more than 100,000 people in over 70 countries, and has a large presence in Europe, the Americas, Asia Pacific and the emerging markets...
.
383 Madison Avenue
In the early 1990s Travelstead, operating on his own account, turned his attention to New York, proposing a 74-storey 1400000 sq ft (130,064.3 m²) tower at 383 Madison Avenue (see here http://skyscraperpage.com/cities/?buildingID=8332). Designed by Kohn Pedersen Fox, the building was to have an elegant crown of screens at the top and to be about the same height as the Chrysler Building. Unfortunately he was unable to acquire sufficient "air rights" to build the tower - and embarked on an innovative attempt to acquire such rights in a swap from Grand Central station. The City of New York opposed this development and changed the rules to prevent this from being attempted again. Without the air rights the building was unviable and his development partners pulled out in 1993. The new Bear StearnsBear Stearns
The Bear Stearns Companies, Inc. based in New York City, was a global investment bank and securities trading and brokerage, until its sale to JPMorgan Chase in 2008 during the global financial crisis and recession...
HQ was built on the 383 Madison Avenue Site.
Personal life
In May 1996, Travelstead filed voluntarily for Chapter 11 Bankruptcy.In his private life, G Ware Travelstead has been a philanthropist and art collector. He funded the G Ware Travelstead Professorship of Architecture at Harvard University
Harvard University
Harvard University is a private Ivy League university located in Cambridge, Massachusetts, United States, established in 1636 by the Massachusetts legislature. Harvard is the oldest institution of higher learning in the United States and the first corporation chartered in the country...
Graduate School of Design.
See also
Canary WharfCanary Wharf
Canary Wharf is a major business district located in London, United Kingdom. It is one of London's two main financial centres, alongside the traditional City of London, and contains many of the UK's tallest buildings, including the second-tallest , One Canada Square...