Tower 5

Located on the southernmost portion of the World Trade Center (WTC) site, Tower 5 will be developed by the Port Authority of New York and New Jersey as the investment banking headquarters for JPMorgan Chase & Co. (JPMC).

Under the $300 million agreement reached in June 2007, JPMC's lease for the site will run for 92 years, beginning in July 2008. The financial company plans to move approximately 7,000 employees into the approximately 40-story, 1.3-million-square-foot skyscraper, which will be designed by A. Eugene Kohn of Kohn Pedersen Fox, a New York-based architecture firm. Preliminary designs for the tower call for seven trading floors, each measuring up to 60,000 square feet. The building will overhang St. Nicholas Greek Orthodox Church, which was destroyed by the events of 9/11, and will be rebuilt on the northern section of the site next to a planned park.

In deciding to relocate its headquarters to Tower 5, JPMC took advantage of existing economic development funds including the World Trade Center Job Creation & Retention Grant Program, which was created to stimulate the redevelopment of downtown. The company will receive up to $20 million when it reaches full employment in Lower Manhattan. As the first employer to commit to the WTC site, JPMC also qualifies for the World Trade Center Rent Reduction Program.

Site 5 is currently the home of the former Deutsche Bank building. The 41-story skyscraper was significantly damaged during the terrorist attacks of September 11, 2001. Earlier this year, New York State revised its agreement with the contractors deconstructing the building, obligating them to maintain a workforce of more than 350 on the site and providing a significant financial incentive for bringing the building down on schedule to make way for redevelopment of the site.