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Occupy Jay Street! JP Morgan Chase moves 2,000 workers Downtown

The Brooklyn Paper
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Wall Street is occupying Brooklyn.

JP Morgan Chase, the financial giant that helped to plunge the world into the economic crisis of 2008, is moving 2,000 workers to Downtown’s MetroTech Center. And, hiss as protesters might if they were still organized, some local bigwigs are welcoming the company with open arms.

“We think it’s great,” said Alan Washington, director of real estate and planning for the Downtown Brooklyn Partnership. “It adds to the diverse group of people working here.”

JP Morgan owns two buildings in the sprawling Downtown office complex, located on Myrtle Avenue between Bridge Street and Flatbush Avenue Extension. Mega-developer Forest City Ratner owns the rest.

The transplanted employees will make the move in the next year from all corners of the company, including some from its headquarters in lower Manhattan, a representative for the bank said.

“We’re continually reviewing our space and occupancy strategy to insure it aligns with the ever-evolving needs of our business,” said spokeswoman Melissa Shuffield.

The move comes at a time when Brooklyn office space is at a premium and only becoming more scarce, according to one realtor.

“The demand has never been higher,” said Chris Havens, a broker with aptsandlofts.com. “We’re all getting calls for requests that we just can’t satisfy.”

The banking firm’s Brooklyn offices currently house between 3,000 and 4,000 workers.

Reach reporter Matthew Perlman at (718) 260-8310. E-mail him at mperlman@cnglocal.com. Follow him on Twitter @matthewjperlman.
Updated 10:17 pm, July 9, 2018
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Reasonable discourse

Nancy says:
This is a good thing - jobs, etc. Oddly anti-corporate for a paper owned by News Corp.
Feb. 28, 2014, 1:50 am
Mike from BK says:
Good, it will be nice to have more jobs in downtown Brooklyn.

Agree with nancy, what's with the opinionated and obviously negative tone of this article? Ever heard of reporting the news, not judging it? Or is every piece in this paper an opinion piece?
Feb. 28, 2014, 6:58 am
Mike from Williamsburg says:
I have a feeling that the types of back office jobs JP Morgan would move there won't exactly incite the ire of Occupy Wall Street folks.
Feb. 28, 2014, 9:37 am
Phantom from Bay Ridge says:
The clueless author of this article may not be aware that

Jamie Dimon, soon after he took the reins at JP Morgan Chase, dramatically -reduced- the bank's participation in credit default swaps derivatives. Which meant that JPM had less of the toxic investments than other big banks did, allowing them to emerge stronger than all the other big FIs.

Most of the misdeeds supposedly done by JP Morgan Chase were done by companies like Washington Mutual that were not even owned by JPM at the time. JPM acquired Washington Mutual at the request of the US Govt, as they were trying to prop up a collapsing financial system.

How can you blame JPM for things that they didn't even do?

Economic illiterates with zero knowledge of very recent history should not be allowed to comment on it.

I welcome these jobs.

And I don't work at JPM or do business with them in any way.
Feb. 28, 2014, 10:11 am
Thor from Greenpoint says:
JPM coming to Metro Tech should be a good thing for Brooklyn. It will bring business to the shops and restaurants in the area which should lead to more jobs than just the ones with JPM. I had spent time at MetroTech about 10 years ago and think it would be great to see that area thrive.
Feb. 28, 2014, 12:27 pm
Phantom from Bay Ridge says:
Is this a net gain of jobs, or is another company moving out to make room for Chase?
Feb. 28, 2014, 12:42 pm
ACE from Park Slope says:
I know of another bank that moved employees from the World Trade area to Jersey City. Which would you prefer?
Feb. 28, 2014, 10:27 pm
Tal Barzilai from Pleasantville, NY says:
First off all, relocating employees doesn't help any area especially because it's hiring any locals. Keep in mind that JP Morgan did this originally when locating at MTC, so this is nothing new for them. If anyone really think that this complex was a benefit, they are actually wrong. Just like the AY, this place also involved a lot eminent domain abuse and corporate welfare from the city and state governments. As a matter of fact to help Ratner get tenants on this, he had to get both city and state agencies locate there while the taxpayers are covering the rent for them. BTW, where is that retail base that was promised since it was built? The answer is never. One other thing about MTC is that it feels more like a place that kills a neighborhood not to mention that it feels like an office park where you can't find much on that site when it's not work hours.
March 2, 2014, 3:18 pm
harry from slope says:
good for brooklyn!
March 6, 2014, 5:09 pm
Winston from heights says:
one sided journalism and unpatriotic .
March 6, 2014, 5:12 pm

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