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EXCHANGES - DEALERS

1912, in Wichita County, Texas, a large petroleum reservoir was discorvered.
Investments and high-paying jobs are fueling an explosive economic growth in the city of Wichita Falls. Offices and logistical hubs were needed investors were eager to invest.
The construction firm of structural engineer J.D. McMahon announced in 1919 that he would build a high-rise annex to the Newby Building. McMahon collected $200,000 in investment capital from a group of naïve investors, promising to construct a high-rise office building.
The key to McMahon’s successful defense in the ensuing lawsuit was that legal documents listed the height as 480” as opposed to 480’. Investors didn’t seem to notice, and McMahon never verbally stated that the actual height of the building would be 480 feet (150 m). The proposed skyscraper depicted in the blueprints that he distributed (and which were approved by the investors) was clearly labeled as consisting of four floors and 480 inches (12 m).
Investors brought a lawsuit against McMahon over the size of the building, but to their dismay, the real estate and construction deal was declared legally binding by a local judge.
The building today is listed on the Texas National Register of Historic Places.

“In the last 30 years, architecture has been deeply influenced by the conversion of things: Thatcher and Reagan, moving from a welfare state to a market economy. Architects used to be connected to good intentions, notionally at least. With the market economy, we’ve slowly found ourselves supporting, at best, individual ambitions and, at worst, pure profit motives. In that sense, every crisis perhaps presents an opportunity.”

Rem Koolhaas interviewed by Diana Budds, 21.05.16.

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