"It's exciting," JP Morgan Chase spokeswoman Pamela Snook saysof the deal, anagreement that the financial services firm has been workingon for several months, as first reported by GlobeSt.com. Snookcould not provide details about terms, but confirms the company ismoving ahead, even before receiving council approval on a tax breakthat could amount to $2 million over the 15 years the lease runs."Obviously, we are hoping that we get approval," she says, but thespokeswoman indicates JPMorgan Chase has no recourse should thepact be voted down. "It's official," Snook says of the lease withthe building's landlords, the Beal Cos. and Rockpoint GroupLLC.

About 300 employees will relocate from 73 Tremont St., with aseparate group remaining in place at nearby One Beacon St., wheresources predict the firm could also increase its footprint. Aseparate state tax credit could save the firm another $2 millionfor moving to an ostensibly blighted area eligible for suchincentives.

Whatever the outcome of the tax matter, the lease is certainly acoup for the owners of Seaport Center, which is also known tolocals as 451 D St. and the Fargo Building. The one-time militarybarracks is closing in on its 100th anniversary, serving the past25 years as a class B office building. More recently, the asset wasnearly emptied out as part of an aborted residential conversion.Beal and Rockpoint have owned the nine-story building since paying$40.5 million just over two years ago, and have boosted occupancyfrom about 30% to more than three-quarters filled following the JPMorgan lease. The agreement ends JP Morgan's original strategy tomove the funds group to a suburban locale, a bid interrupted whenMenino got windof the campaign, as detailed by GlobeSt.com.

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