JPMorgan abandons plans for WTC site

March 18, 2008 12:00:00 AM PDT
JPMorgan Chase & Co. abandoned plans to move its investment banking operations to the World Trade Center site, instead moving into the midtown skyscraper owned by Bear Stearns as part of this week's takeover. JPMorgan spokesman Joe Evangelisti said the company may still build in lower Manhattan and talks were continuing about the WTC site.

"We have every indication that JPMorgan continues to see the building downtown as an attractive location and look forward to the company's role in rebuilding the World Trade Center site," said Candace McAdams, spokeswoman for the Port Authority of New York and New Jersey, the site's landlord.

The bank has a 90-year lease with the Port Authority for the spot where the former Deutsche Bank building now stands. That building is being demolished after it was heavily damaged in the Sept. 11 attacks.