Bear Stearns Lights Crown on New HQ Building

NEW YORK CITY-The Manhattan skyline gained some extra wattage last night when Governor George Pataki, US Senator Charles Schumer and Bear Stearns chairman Jimmy Cayne threw the switch on Bear Stearns’ new world headquarters seven-story crown.

“We are confident that the Bear Stearns crown will serve as a reminder that our firm was established here and will always be committed to this great city,” said Cayne, who brought about 800 employees to the party.

The crown sits atop the 773-foot building at 383 Madison Ave. It comprises a series of glass panels ranging from 30 to 70 feet high and is illuminated at night by bulbs that run more than half a mile in total length. The crown also was designed to shine during daylight hours by reflecting sunlight.

Bear Stearns recently moved 4,200 employees into the 1.2-million-sf building at Madison Avenue and 45th Street. The 45-story building features four floors dedicated to its trading operations. Three additional floors may be adapted for trading later.