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July 25, 2008 5:52:49 PM CDT

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JPMorgan Heads for Ground Zero

Posted Jun 14, 07 9:05 AM CDT in US,  Business 

(Newser) – JPMorgan Chase has agreed to a $300 million dollar deal to develop and lease one of the five skyscrapers planned for the World Trade Center site, giving a big boost to the development effort at Ground Zero. The financial services giant's investment banking and trading divisions will migrate to the 50-story tower, scheduled to open its doors in 2013.

JPMorgan's agreement to design and build the structure, pending approval by the Port Authority, comes after a 2-month back-and-forth between the bank and city officials, the Times reports. Chase had threatened to move to Stamford, Conn., after the city's initial incentive package came up short. The final deal: tax breaks, rent incentives, and power discounts to the tune of $100 million.

Source New York Times

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Eliot Spitzer  • JPMorgan Chase  • World Trade Center  • Ground Zero  • skyscraper  • James Dimon


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