Lehman Brothers to stay in New York

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New York--Ending speculation that it might significantly scale back its New York operations in the wake of the Sept. 11 terrorist attacks, top b-to-b investment banking firm Lehman Bros. Holdings Inc. announced that it agreed to buy a new, one-million-square-foot Times Square office tower. The move will keep more than 5,000 Lehman Brothers jobs in New York. The building, which will become Lehman's world headquarters, is currently owned by Morgan Stanley Dean Witter & Co., which has its headquarters in another Times Square building. "This agreement reaffirms our commitment to New York and is a win-win-win solution to the difficult office space problem facing both of our firms and the city," said Lehman Bros. Chairman-CEO Richard Fuld. Lehman Brothers, which markets to corporate and government clients, had to evacuate its World Financial Center global headquarters after the attacks. Many of its employees are now working in New Jersey and at the Sheraton Hotel in midtown Manhattan.
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