JPMorgan rejects plans for WTC headquarters

Purchased Bear Stearns
March 18, 2008 5:21:30 AM PDT
JPMorgan Chase & Co. is abandoning plans to move its downtown headquarters to the World Trade Center site in the wake of its deal to acquire Bear Stearns.JPMorgan spokesman Joe Evangelisti says the bank plans instead to move employees to a Madison Avenue skyscraper that houses Bear Stearns' offices. He says alternate uses would be considered. The Wall Street Journal first reported the news Monday on its Web site.

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. The firm had expected to build a new tower.

A Port Authority spokeswoman says that the bistate agency believes JPMorgan's commitment to the World Trade Center is unchanged.