BREAKING NEWS
June 14, 2007
JP Morgan to Build World Trade Tower
Bank will also occupy ground zero office tower in deal worth $300 million
NEW YORK - JP Morgan Chase & Co. has struck a deal with the World Trade Center site’s owner to build and move into one of five planned office towers at ground zero, with a hefty package of state and city incentives, three people familiar with the deal said Wednesday.
JP Morgan, one of the country’s largest banks, will pay $300 million to the Port Authority of New York and Jersey for rights to build a 40-plus story tower for more than 6,000 employees, the people told The Associated Press. They spoke on condition of anonymity because they were not authorized to publicly discuss the deal, which was to be announced Thursday morning by Gov. Eliot Spitzer.
The bank will receive a 90-year lease for the building, which is expected to open in the next five years, the people said.
The 1.3-million-square foot tower will include seven wider, cantilevered trading floors; community officials had objected to the design, saying it would cast shadows over the neighborhood and on the spot where a Greek Orthodox church plans to rebuild.
JP Morgan would relocate thousands of its investment banking employees from its main midtown location and from several downtown locations, the people familiar with the deal said.
Associated Press |
| June 2007 |
| S |
M |
T |
W |
T |
F |
S |
|
|
|
|
|
|
1
|
2
|
|
3
|
4
|
5
|
6
|
7
|
8
|
9
|
|
10
|
11
|
12
|
13
|
14
|
15
|
16
|
|
17
|
18
|
19
|
20
|
21
|
22
|
23
|
|
24
|
25
|
26
|
27
|
28
|
29
|
30
|
|
|
 |
|
« Previous |
Main Page
| Next »
|
What Can It Mean? Morgan Returns To Wall St. Haunts
By: Pete Kendall, June 15, 2007 |
At the most important peak of all, traders at the biggest firms all want to be together. It’s no coincidence that at the lows “fire walls” are erected and people within investment banks are moved to different floors to eliminate “sharing.”
Socio Times, April 4, 2007 |
JP Morgan's decision to build a skyscraper in Manhattan speaks volumes as to the state of the financial industry. There is a long history of companies who decide to build monumental headquarters right at the time their luck is about to turn. Think of the Chrysler, and Sears skyscrapers for examples.
This principal of luxurious headquarter building even goes beyond skyscrapers. The running joke in Silicon Valley used to be that whichever company was building a massive new campus would be the next to see it's stock tank.
--Michael
This is a very concrete, or more precisely steel and glass, example of the reversal from desolation and disintegration to aspiration and upward striving that takes place as social mood swings from a big low to a major high. The new Morgan headquarters will take the place of the Deutsche building, which was seriously damaged in the September 11, 2001 terror attacks, which hit right before one of the major lows of the early 2000’s bear market. The Associated Press reports that it is now “being dismantled floor-by-floor due to toxic residues that remain in the building. A beam fell off the Deutsche Bank building today, hitting an adjacent fire house and causing two minor injuries.” After the destruction of 9/11/2001 and years of wrangling, the residual damage from the last bear market is finally being cleared by the goodwill and ambition of a long advance. Ground Zero becomes a towering monument to John Pierpont Morgan, one of the most recognized financial names of the Grand Supercycle bull market. For our full April 4 discussion on Wall Street’s trading room boom, and the peak level emotions behind it click here.
|
|
Post a comment
|
|
|
|
| RECENT ARTICLES |
|
June 20, 2007
Roll of the Dice On Indiana Casino Takes Us Back to 1929
read more |
June 19, 2007
Last Call for Open Markets
read more |
June 15, 2007
What Can It Mean? Morgan Returns To Wall St. Haunts
read more |
June 14, 2007
Basketball Crowns a New King as a Bear Market Mood Sinks In
read more |
June 13, 2007
Last Stop for New Highs: NYC's High Line Conversion
read more |
|
|
| ARTICLE COMMENTS |
|
|
|
|
|
