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PR- 221-06
June 27, 2006


Mayor Michael R. Bloomberg and Governor George E. Pataki today announced that BearingPoint, Inc., one of the world's largest management and technology consulting firms, has signed a lease to open a new national hub office at Three World Financial Center in Lower Manhattan. The approximately 52,000-square-foot location will serve as the headquarters for the Financial Services group and will provide workspace for 633 employees; in return the company will receive a Job Creation and Retention Grant of $2.4 million.

"Recognizing the resurgence of Lower Manhattan as a world-class financial center, BearingPoint joins the growing roster of global institutions that are growing in or moving to Lower Manhattan," said Mayor Bloomberg. "The company's new national hub will bring new jobs and vitality to the area. Downtown is well on its way to becoming a vibrant, around-the-clock community and I am pleased BearingPoint will be part of the ongoing transformation."

"BearingPoint's Financial Services group headquarters and the relocation of over 600 employees to downtown across from the World Trade Center site is further proof that Lower Manhattan is back and better than ever as the 'Financial Capital of the World,'" said Governor Pataki. "BearingPoint's commitment is undeniable testimony to the growth and revitalization downtown, and will help sustain thousands of restaurant and retail jobs in the neighborhood, further spurring Lower Manhattan's remarkable renewal as a 24-hour commercial and residential neighborhood. I congratulate BearingPoint on this project and wish it continued success and growth in the future."

"BearingPoint remains committed to New York city, the world's largest financial center, its local economy and the corporations we serve in the region," said BearingPoint's Chief Executive Officer, Harry L. You. "Through this new hub office, financial services headquarters and key regional location for our commercial services unit, we will continue to serve our key clients, strengthen our ties to the financial community and support the rebirth of Lower Manhattan. We are excited to join our new neighbors and be a part of the downtown neighborhood."

BearingPoint, Inc. (NYSE: BE) is one of the world's largest providers of management and technology consulting services to Global 2000 companies and government organizations in sixty countries worldwide. Based in McLean, Virginia, the firm has approximately 17,500 employees with major practice areas focusing on the public services, financial services and commercial services markets. The new office is part of BearingPoint's strategy to open national hub offices close to key clients and industry centers.

BearingPoint accepted an offer of $2.4 million in Job Creation and Retention Program funds in exchange for signing the new lease and committing to retain 633 jobs in Lower Manhattan for at least ten years. The company is also seeking other Lower Manhattan incentives that could total $700,000. Since 2002, the City and State of New York have secured commitments from 79 large companies to retain and create over 76,000 jobs in Lower Manhattan through the Job Creation and Retention Program. BearingPoint, along with fourteen other companies attracted to the area, together account for over 9,800 relocated and created jobs. The joint City and State program was established after the September 11th attacks to stabilize and augment the job base in Lower Manhattan in addition to reinvigorating and diversifying the downtown economy.

"Lower Manhattan is becoming more vital and exciting every day, and companies like BearingPoint are adding to its resurgence," said Economic Development Corporation  Interim President Joshua J. Sirefman. "I join Mayor Bloomberg and Governor Pataki in welcoming BearingPoint to its new home."

"BearingPoint's commitment to locating jobs in Lower Manhattan is a true victory and another step forward in the rebuilding of downtown," said Empire State Development Chairman Charles A. Gargano. "Not only will this project strengthen and diversify Lower Manhattan's economy, but it will also solidify Lower Manhattan as the financial capital of the world."


Stu Loeser/Jennifer Falk   (212) 788-2958

Joanna Rose (Governor)   (212) 681-4640

Andrew Brent/Janel Patterson   (Economic Development Corporation)
(212) 312-3523

Mark Weinberg (ESDC)   (518) 474-8418

Elliot Sloane (BearingPoint)   (212) 486-9500

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