J.P. Morgan Returns to “Wall Street”
It’s a full circle move for J.P. Morgan, which is returning to its 1799 roots in lower Manhattan. On Thursday, the firm announced that it will move its investment banking headquarters to one of five towers to be built at ground zero, with occupation scheduled for 2012. (The firm will keep its corporate headquarters at 270 Park Avenue, which will be renovated over the next couple of years.)
J.P. Morgan Chief Executive Jamie Dimon said Thursday at a press conference that the firm is planning to build a 42-story, 1.3 million-square-foot tower with 60,000 square-foot trading floors to house about 7,000 employees. The firm plans to invest $2 billion in the project. The building will be located at Cedar and Greenwich streets at the site of the former Deutsche Bank building, which is being demolished after damages suffered on 9/11.
Keep your eye on Lehman Brother Holdings Inc. and Merrill Lynch, which have reportedly also expressed an interest in occupying one of the five towers.
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