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Morgan Stanley eyes back-up
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October 30, 2001: 4:41 p.m. ET
Securities firm Morgan Stanley plans to build emergency trading facility.
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NEW YORK (CNNmoney) - After escaping two terrorist attacks at the World Trade Center without any operational disruptions, Morgan Stanley is planning to build a backup trading facility within 35 miles of its headquarters in midtown Manhattan, but not on the same power or telephone grid.
Sources familiar with the situation said Tuesday the backup location could be located in Manhattan, a suburb of New York, New Jersey or Connecticut.
Morgan Stanley's decision to construct a back-up facility came after the World Trade Center collapsed and eliminated two of the company's three data providers to its Japanese trading arm, according to the Wall Street Journal.
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Morgan will set the location of the new site in the next year and a half and it will be designed to hold 1,500 to 2,000 employees. However, it is not known how much it planned to spend on the facility.
Morgan recently constructed an office tower across the street from its headquarters in Manhattan and the sites would have shared the same power and telephone grids. As a result, Morgan decided to sell the building to Lehman Brothers for $650 million, about what it paid to build the tower.
Shares of Morgan Stanley (MWD: Research, Estimates) fell about 1.5 percent on the New York Stock Exchange Tuesday. 
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