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JP Morgan Chase to build new tower at 130 Liberty
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Governor Eliot Spitzer, Mayor Michael Bloomberg, Assembly Speaker Sheldon Silver, and the Port Authority of New York and New Jersey announced Thursday that investment banking firm JP Morgan Chase has entered into a $300 million agreement to lease and develop office space at the World Trade Center complex.
The investment firm will occupy space in a new tower to be built at 130 Liberty Street, the site of the former Deutsche Bank building. The firm plans to build a 40-story, 1.3-million-square-foot skyscraper on the property, which will serve as its operational headquarters and house 7,000 employees. Approval of the lease is expected to be granted by the Port Authority's Board of Commissioners at next week's meeting. Once approved, the lease will run for the next 92 years.
The deal comes just as deconstruction efforts at the existing 130 Liberty building are hitting full steam. Earlier this year, the state imposed a requirement on contractors deconstructing the building to maintain a workforce of more than 350 on the site at all times and announced that it will impose financial penalties for missed deadlines. Since that time, the top six floors of the building have been removed and the remaining floors are coming down at a rate of one floor per week.
As the first employer to commit to the World Trade Center site, JPMorgan Chase will benefit from the World Trade Center Rent Reduction Program as well as the World Trade Center Job Creation & Retention Grant Program. In all, the firm stands to receive as much as $200 million in grants once it reaches full employment in Lower Manhattan.
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