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JPMorgan Tells Port Authority Will Occupy Tower 5

JPMorgan Tells Port Authority Will Occupy Tower 5

Apr 15, 2008
By By: Joan Gralla | Reuters | Reuters

The New York-New Jersey Port Authority, which controls the site of downtown New York’s destroyed World Trade Center, on Tuesday said JPMorgan Chase & Co has assured the agency that it will occupy a new office tower proposed to be built next to “ground zero.”

“We’ve received very clear assurances from JPMorgan Chase they will in fact occupy Tower 5,” Port Authority Chairman Anthony Coscia said at a Crain’s business breakfast meeting.

JPMorgan previously had announced plans to build “Tower 5” on the site of the former Deutsche Bank AG building, which was damaged by the September 11, 2001 attacks on the Twin Towers. Deutsche Bank’s building currently is being torn down.

Yet Morgan’s move downtown grew doubtful after the big bank reached a March 16 agreement to acquire Bear Stearns Cos Inc — a deal that would include Bear’s new headquarters building just a few blocks away from Morgan’s midtown Manhattan offices.

(Reporting by Joan Gralla, writing by Joseph A. Giannone, editing by Gerald E. McCormick)


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