Bear Stearns To Develop New Midtown Office Tower For Its Worldwide Headquarters.NEW YORK--(BUSINESS WIRE)--August 27, 1997--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 signed a 99-year ground lease with the al-Babtain family of Saudi Arabia Saudi Arabia (sä  `dē ərā`bēə, sou`–, sô–), officially Kingdom of Saudi Arabia, kingdom (2005 est. pop. pursuant to which Bear
Stearns will develop and build a state-of-the-art office tower at 383
Madison Avenue Madison Avenue, celebrated street of Manhattan, borough of New York City. It runs from Madison Square (23d St.) to the Madison Bridge over the Harlem River (138th St.). In the 1940s and 50s, some of the major U.S. which will serve as its new worldwide headquarters and be
known as Park Avenue Place. The announcement was made at a press
conference with 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. Mayor Rudolph Giuliani and James E. Cayne, president and chief executive officer of Bear Stearns. "We believe we have found the ideal solution to our need for a worldwide headquarters that can accommodate our growth as we continue to expand in all areas of our business," Mr. Cayne said. "The fact that we are making this commitment is a clear testament to the current administration's rejuvenation Rejuvenation Aeson in extreme old age, restored to youth by Medea. [Rom. Myth.: LLEI, I: 322] apples of perpetual youth by tasting the golden apples kept by Idhunn, the gods preserved their youth. [Scand. Myth. of New York's economy. Mayor Giuliani has made 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 safer and cleaner, and a city that operates with renewed vibrancy and efficiency." "By constructing a technologically `smart building', we will improve efficiency and productivity which will enable us to serve our clients more effectively and which will give us a tremendous competitive advantage in the global marketplace in the 21st century." Mr. Cayne noted that about 5,000 people will eventually be housed in the new location. Bear Stearns employs approximately 1,900 people in Brooklyn's MetroTech Center for its clearing and accounting operations, who will remain at MetroTech after the headquarters facility is completed. "The City of New York is delighted to have one of the world's leading and most prestigious investment banking firms renew its commitment to grow and prosper in New York," said Mayor Rudolph Giuliani. "Since 1923 Bear Stearns has been a steadfast citizen of the city, and we appreciate its contribution to our economic vitality." The new building is expected to be completed by the year 2002. The developer is Sterling Hines, a joint venture led by Fred Wilpon Fred Wilpon, a graduate of the University of Michigan is a baseball executive with the National League New York Mets of which he became a part-owner in 1980. Wilpon served as president of the team between 1980 to 2002, as Chief Executive Officer since 1980 and as Chairman of . The Bear Stearns Companies Inc. is the parent company of Bear, Stearns & Co. Inc., a leading worldwide investment banking and securities trading and brokerage firm. With approximately $11.7 billion of total capital, Bear Stearns serves governments, corporations, institutions, and private investors worldwide. The company's business includes corporate finance and mergers and acquisitions, institutional equities and fixed income sales and trading, private client services, derivatives, foreign exchange and futures sales and trading, asset management, and custody services. Through Bear, Stearns Securities Corp., it offers professional and correspondent clearing, including 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. . Headquartered in New York City, the company has over 8,500 employees located in domestic offices in Atlanta, Boston, Chicago, Dallas, Los Angeles, and San Francisco; and an international presence in Beijing, Buenos Aires, Dublin, Geneva Geneva, canton and city, Switzerland Geneva (jənē`və), Fr. Genève, canton (1990 pop. 373,019), 109 sq mi (282 sq km), SW Switzerland, surrounding the southwest tip of the Lake of Geneva. , Hong Kong, London, Lugano, Paris, Sao Paulo, Shanghai, Singapore, and Tokyo. CONTACT: The Bear Stearns Companies Inc. Hannah Burns, 212/272-2395 Mary Flounders Green, 212/272-4356 |
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