JPMorgan Chase Accepts Massachusetts' Offer Of $4 Million Tax Breaks To Keep Office In Boston

Boston, MA (AHN) - Tax breaks amounting to $4 million was sufficient incentive for JPMorgan Chase and Company to transfer operations to the South Boston Waterfront.

The company initially was training its sights on the suburbs to accommodate its 725 staff and 300 more in the next five years as its lease on its current location at 73 Tremont Street expires soon.

But it was convinced by Boston not to leave the city by a $2 million sweetener in the form of a property tax break until 2022 and another $2 million from the state for constructing in an area considered economically challenged.

Councilor-at-Large Stephen Murphy, however, questioned the deal in view of the tight financial situation of Boston.

Daniel Kramer, head of the JPMorgan branch in Boston, admitted the company considered transferring to another state, but changed its plan because of the high quality of the local workforce.

Kramer told the Boston Herald, "Boston is key to our success and offers a wealth of industry talent... Staying in the city is a win-win for our clients and our employees."

The new JPMorgan office located at 451 D Street, covers 100,000 square feet of office space.