NEW YORK CITY-Another piece of the puzzle that is the World Trade Center site has apparently fallen into place. According to an Associated Press report, JP Morgan will construct and occupy a 1.3-million-sf tower on the site of the still-standing Deutsche Bank Building. The building, heavily damaged in the attacks of Sept. 11, 2001, is set for total demolition by the end of the year.

The report states that Morgan would pay the Port Authority of New York and New Jersey $300 million for rights to the building, which is set for completion in five years. It would take a 90-year lease on the space.

The program is the result of long negotiations between the bank and the city, with sticking points revolving around incentives. Apparently the bank had threatened to relocate from the city–possibly to New Jersey of Connecticut, if “an acceptable deal” could not be struck.

Clearly incentives are no longer an issue, and the deal includes tax breaks as a well as a reduction of power costs. New York State Governor Eliot Spitzer is expected to formally unveil the deal this morning, the AP report stated.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.