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LaBranch to open new location at 33 Whitehall.

Empire State Development Chairman Charles A. Gargano and New York City deputy mayor f Daniel L. Doctoroff announced that LaBranche & Co Inc., a specialist and market-making firm inequity and other securities, plans to invest $7-8 million as it moves part of its operations to a new location at 33 Whitehall Street in Lower Manhattan and retain more than 500 jobs in Lower Manhattan.

"LaBranche's commitment to keep more than 500 jobs downtown for at least the next decade is the latest example of the financial industry's confidence in the future of Lower Manhattan," said Doctoroff. "With the increase of both jobs and residents downtown, the Mayor's vision of Lower Manhattan as a vibrant, 24/7 community is fast becoming a reality."

LaBranche & Co Inc. is a specialist firm in securities listed on the New York and the American stock exchanges, as well as other securities exchanges in the U.S. and abroad.

LaBranche & Co Inc. accepted an offer of $987,000 in Job Creation and Retention Program (JCRP) funds in exchange for signing the new lease and committing to retain 511 jobs in Lower Manhattan for at least ten years.

Since 2002, the State and City have gained the commitment of 79 large firms to retain and create over 76,000 jobs in Lower Manhattan and nearly 16,000 elsewhere in New York City. Of these, 15 firms were newly attracted to Lower Manhattan.

JCRP--jointly administered by EDC and ESD--is designed to stabilize the job base in Lower Manhattan, restore the vibrancy of the downtown business community, encourage the creation of new jobs, attract new businesses and diversify the downtown economy. While the program requires a commitment of at least 200 jobs, the retention of these firms supports thousands of smaller-sized businesses because large companies account for more than half of all the private sector jobs in Lower Manhattan.

The JCRP program provides discretionary grants in return for a commitment to retain, create or attract at least 200 jobs in Lower Manhattan for a period of at least seven years.
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Title Annotation:LaBranche & Company Inc.
Publication:Real Estate Weekly
Geographic Code:1USA
Date:Jun 14, 2006
Words:340
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