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JPMorgan Chase Could Bail From Downtown Move

NEW YORK CITY-According to numerous reports, the firm will move employees to Bear Stearns' offices at 383 Madison Ave. instead of to its WTC site.

By Natalie Dolce | Updated on March 18, 2008

NEW YORK CITY-JPMorgan Chase & Co. said it is deserting plans to move its Downtown headquarters to the World Trade Center site in the wake of its deal to acquire the Bear Stearns Cos. Inc., according to numerous reports. Those reports note that spokesman Brian Marchiony confirmed that the company was scrapping plans to move the company’s investment-banking and trading operations to a building planned for the WTC site.

The future of WTC, and the state of Downtown as a whole, will be spotlighted on May 13 at RealShare Downtown New York.

The bank has a 90-year lease with the Port Authority of New York and New Jersey for the spot where the former Deutsche Bank building now stands near Ground Zero. The firm had expected to construct and occupy a 1.3-million-sf tower on the site, as GlobeSt.com previously reported.

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