Attraction of Major Companies
Dublin Core
Title
Attraction of Major Companies
Description
The MetroTech Center in Downtown Brooklyn attracted several major companies, particularly from the financial and technology sectors.
1. Chase Manhattan Bank (now JPMorgan Chase): One of the largest banking institutions in the world, Chase moved its back-office operations to MetroTech. This relocation was a significant part of the initial wave of companies moving to the center, helping to establish MetroTech's credibility as a major business hub.
2. Morgan Stanley: A leading global financial services firm, Morgan Stanley established a presence in the nearby 1 Pierrepont Plaza, which, although not part of MetroTech proper, was influenced by the development of the area. Their move helped validate Downtown Brooklyn as a viable location for major financial firms.
3. Securities Industry Automation Corporation (SIAC): Specializing in providing automated processing and communication services to the financial industry, SIAC moved into MetroTech, occupying a substantial portion of the office space. Their operations required robust data and power management, which MetroTech could provide, particularly with its separate power grid.
4. Bear Stearns & Company: Another prominent financial firm, Bear Stearns, moved some of its operations to MetroTech, contributing further to the area's reputation as a financial services center.
5. Goldman Sachs: As part of the broader influx of financial firms, Goldman Sachs also relocated some back-office functions to MetroTech, taking advantage of the lower costs and new facilities.
Certainly! The MetroTech Center in Downtown Brooklyn attracted several major companies, particularly from the financial and technology sectors. Here’s a more specific look at some of the key firms that moved to the area:
Chase Manhattan Bank (now JPMorgan Chase): One of the largest banking institutions in the world, Chase moved its back-office operations to MetroTech. This relocation was a significant part of the initial wave of companies moving to the center, helping to establish MetroTech's credibility as a major business hub.
Morgan Stanley: A leading global financial services firm, Morgan Stanley established a presence in the nearby 1 Pierrepont Plaza, which, although not part of MetroTech proper, was influenced by the development of the area. Their move helped validate Downtown Brooklyn as a viable location for major financial firms.
Securities Industry Automation Corporation (SIAC): Specializing in providing automated processing and communication services to the financial industry, SIAC moved into MetroTech, occupying a substantial portion of the office space. Their operations required robust data and power management, which MetroTech could provide, particularly with its separate power grid.
Bear Stearns & Company: Another prominent financial firm, Bear Stearns, moved some of its operations to MetroTech, contributing further to the area's reputation as a financial services center.
Goldman Sachs: As part of the broader influx of financial firms, Goldman Sachs also relocated some back-office functions to MetroTech, taking advantage of the lower costs and new facilities.
These companies were drawn to MetroTech due to a combination of factors including modern infrastructure, proximity to Manhattan, and significant cost savings on office space compared to Manhattan. The presence of these major players was pivotal in transforming Downtown Brooklyn into a business district that could compete with more established centers in New York City.
1. Chase Manhattan Bank (now JPMorgan Chase): One of the largest banking institutions in the world, Chase moved its back-office operations to MetroTech. This relocation was a significant part of the initial wave of companies moving to the center, helping to establish MetroTech's credibility as a major business hub.
2. Morgan Stanley: A leading global financial services firm, Morgan Stanley established a presence in the nearby 1 Pierrepont Plaza, which, although not part of MetroTech proper, was influenced by the development of the area. Their move helped validate Downtown Brooklyn as a viable location for major financial firms.
3. Securities Industry Automation Corporation (SIAC): Specializing in providing automated processing and communication services to the financial industry, SIAC moved into MetroTech, occupying a substantial portion of the office space. Their operations required robust data and power management, which MetroTech could provide, particularly with its separate power grid.
4. Bear Stearns & Company: Another prominent financial firm, Bear Stearns, moved some of its operations to MetroTech, contributing further to the area's reputation as a financial services center.
5. Goldman Sachs: As part of the broader influx of financial firms, Goldman Sachs also relocated some back-office functions to MetroTech, taking advantage of the lower costs and new facilities.
Certainly! The MetroTech Center in Downtown Brooklyn attracted several major companies, particularly from the financial and technology sectors. Here’s a more specific look at some of the key firms that moved to the area:
Chase Manhattan Bank (now JPMorgan Chase): One of the largest banking institutions in the world, Chase moved its back-office operations to MetroTech. This relocation was a significant part of the initial wave of companies moving to the center, helping to establish MetroTech's credibility as a major business hub.
Morgan Stanley: A leading global financial services firm, Morgan Stanley established a presence in the nearby 1 Pierrepont Plaza, which, although not part of MetroTech proper, was influenced by the development of the area. Their move helped validate Downtown Brooklyn as a viable location for major financial firms.
Securities Industry Automation Corporation (SIAC): Specializing in providing automated processing and communication services to the financial industry, SIAC moved into MetroTech, occupying a substantial portion of the office space. Their operations required robust data and power management, which MetroTech could provide, particularly with its separate power grid.
Bear Stearns & Company: Another prominent financial firm, Bear Stearns, moved some of its operations to MetroTech, contributing further to the area's reputation as a financial services center.
Goldman Sachs: As part of the broader influx of financial firms, Goldman Sachs also relocated some back-office functions to MetroTech, taking advantage of the lower costs and new facilities.
These companies were drawn to MetroTech due to a combination of factors including modern infrastructure, proximity to Manhattan, and significant cost savings on office space compared to Manhattan. The presence of these major players was pivotal in transforming Downtown Brooklyn into a business district that could compete with more established centers in New York City.
Creator
N/A
Publisher
The New York Times
Date
June 22, 1997
Contributor
John Holusha
Website Item Type Metadata
Local URL
https://www.nytimes.com/1997/06/22/realestate/a-dream-grows-in-brooklyn.html
Files
Citation
N/A, “Attraction of Major Companies,” Poly Archives, accessed January 31, 2025, https://polyarchives.hosting.nyu.edu/items/show/694.