Bear Stearns became one of MetroTech's first tenants when it moved a piece of its operation into the Forest City Ratner property in 1991. But city officials have been sweating the possibility that the financial services firm would succumb to the temptation of lower rents outside the city and opt out of a renewal. The value of the new lease at One MetroTech Center North has been reported as more than $230 million.
The decision to renew our lease at MetroTech is a reflection of our long-term commitment to New York City and the value that we place on maintaining our operations in Brooklyn," says James E. Cayne, chairman and CEO of Bear Stearns. "The deal could not have been achieved without the cooperation of the city and Forest City Ratner."
Bear Stearns 1.2 million-sf world headquarters at 383 Madison Ave. houses roughly 4,600 employees. The firm's MetroTech space is occupied by operations and global clearing services staff.
"Bear Stearns is one of the few remaining financial services firms that maintains both a headquarters and a back-office operation in New York City," adds Cayne. "We are proud of our affiliation with the City and we look forward to being a vital part of Brooklyn's continued economic growth."
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