JPMorgan Chase has reached an agreement with the Port Authority of New York and New Jersey to take over development of Tower 5 at the World Trade Center site, according to sources familiar with the deal. Chase will pay about $300 million for a long-term lease, and the right to build and occupy the planned 42-story skyscraper. The deal requires the final approval of the Port Authority’s board. Although it will move thousands of employees to the Lower Manhattan tower, Chase is expected to keep its world headquarters at 270 Park Avenue. more [WSJ]
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Chase to build at WTC site
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