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| JPMorgan Chase locates investment banking headquarters at the WTC JPMorgan Chase will build a new 1.3-million-square-foot global investment banking headquarters at Site 5 in the World Trade Center complex. The firm will invest approximately $2 billion in the project. The new offices will serve as the base of operations for approximately 7,000 employees. Site 5 is currently the home of the former Deutsche Bank Building. The 41-story skyscraper was significantly damaged during the terrorist attacks of September 11, 2001. Earlier this year, the state revised the agreement with the contractors deconstructing the building to obligate them to maintain a workforce of more than 350 on the site and to provide a significant financial incentive for them to bring the building down on schedule to make way for redevelopment of the site. Since that time, the top six floors of the building have been removed, and floors continue to come down at the rate of approximately one floor per week. JPMorgan Chase will pay the Port Authority $290 million for the development rights for Site 5. The lease for the site, which is subject to approval by the Port Authority's Board of Commissioners at their meeting next week, will run for 92 years beginning in July 2008. JPMorgan Chase plans to build a 40-story, 1.3 million square foot skyscraper on the property. write your comments about the article :: © 2007 Construction News :: home page |