Bear Stearns Reaches Agreement to Renew Brooklyn Lease for 20 Years.Business Editors NEW YORK--(BUSINESS WIRE)--March 3, 2003 The Bear Stearns The Bear Stearns Companies, Inc. (NYSE: BSC) is the parent company of Bear, Stearns & Co. Inc., one of the largest global investment banks and securities trading and brokerage firms in the world. Companies Inc. announced today that it has reached an agreement to renew its lease at the MetroTech Center in Brooklyn, NY, for a term of 20 years. Commenting on the agreement, James E. Cayne, Chairman and Chief Executive Officer of Bear Stearns, said, "We are very pleased to make this announcement. The decision to renew our lease at MetroTech is a reflection of our long-term commitment to New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. and the value that we place on maintaining our operations in Brooklyn. The deal could not have been achieved without the cooperation of the City and our landlord, Forest City Ratner." "Since it was founded in 1923, Bear Stearns has been an integral part of New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of City's financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. industry," said Mayor Michael R. Bloomberg. "The company's decision to move 1,500 employees to MetroTech in 1991 was a catalyst for the burgeoning growth and renaissance of Downtown Brooklyn. I am very pleased that Bear Stearns has decided to recommit re·com·mit tr.v. re·com·mit·ted, re·com·mit·ting, re·com·mits 1. To commit again. 2. To refer (proposed legislation, for example) to a committee again. to MetroTech." Bear Stearns employs approximately 6,100 people in New York City. The 1.2 million square foot world headquarters building, located at 383 Madison Avenue, is home to approximately 4,600 Bear Stearns employees. In addition, approximately 1,500 operations and global clearing services employees work in the Company's 290,000 square foot MetroTech facility. Bruce C. Ratner, President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Forest City Ratner Companies, the developer of MetroTech Center, said, "Twelve years ago, Bear Stearns became a pioneer - one of the first tenants to commit to MetroTech Center. We value this premier financial services company as a tenant and appreciate their continued confidence in Brooklyn. Their decision to remain here is great for Brooklyn, great for New York City and of course terrific for MetroTech. We want to thank the City for its efforts in bringing this to a conclusion that will prove to be a win for everyone." "Bear Stearns is one of the few remaining financial services firms that maintains both a headquarters and a back-office operation in New York City," said Cayne. "We are proud of our affiliation with the City and we look forward to being a vital part of Brooklyn's continued economic growth." Founded in 1923, The Bear Stearns Companies Inc. (NYSE NYSE See: New York Stock Exchange : BSC (Binary Synchronous Communications) See bisync. ) is the parent company of Bear, Stearns & Co. Inc., a leading investment banking and securities trading and brokerage firm serving governments, corporations, institutions and individuals worldwide. With approximately $30.6 billion in total capital, Bear Stearns serves governments, corporations, institutions and individuals worldwide. The company's business includes corporate finance and mergers and acquisitions, institutional equities and fixed income sales, trading and research, private client services, derivatives, foreign exchange and futures sales and trading, asset management and custody services. Through Bear, Stearns Securities Corp., it offers financing, securities lending Securities Lending When a brokerage lends securities owned by its clients to short sellers. Notes: This allows brokers to create additional revenue (commissions) on the short sale transaction. , clearing and technology solutions to hedge funds, broker-dealers and investment advisors. Headquartered in New York City, the company has approximately 10,500 employees worldwide. For additional information about Bear Stearns, please visit the firm's Web site at http://www.bearstearns.com. |
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