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Lehman buys NYC office
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October 8, 2001: 10:26 a.m. ET
The brokerage buys a Times Square building, keeping 5,000 jobs in New York.
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NEW YORK (CNNmoney) - Lehman Brothers Holdings Inc. will buy a Times Square office building from Morgan Stanley Dean Witter & Co. to replace office space lost in the Sept. 11 terror attacks, the companies said Monday, meaning more than 5,000 Lehman jobs will stay in New York City.
Lehman agreed to buy a one-million-square-foot office tower at 745 Seventh Ave. in New York City from Morgan Stanley for an undisclosed sum. The building is still under construction and should be ready for occupancy later this year, the companies said.
"This agreement reaffirms our commitment to New York and is a win-win-win solution to a difficult office space problem facing both of our firms and the city," said Lehman CEO Richard S. Fuld, Jr.
Lehman's global headquarters were at the World Financial Center in downtown Manhattan, which was evacuated after the terror attacks that destroyed the World Trade Center across the street.
Concerns have grown after the attacks that companies will flee Manhattan for the suburbs of New York and New Jersey. Lehman said in its release that it "remains committed to the downtown Manhattan area" and has said it plans to return to its headquarters eventually.
Lehman (LEH: down $1.14 to $56.60, Research, Estimates) and Morgan Stanley (MWD: down $0.22 to $48.15, Research, Estimates) shares both fell in early trading. 
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