Five World Trade Center was designed by Kohn Pedersen Fox and will stand where the Deutsche Bank Building once stood. On June 22, 2007, the Port Authority announced that JP Morgan Chase will lease the 42-story building for its investment banking headquarters; however, JPMorgan's March 2008 acquisition of Bear Stearns had caused construction to stagnate, as the company changed its plans and relocated its headquarters to 383 Madison Avenue. Construction began on September 9, 2011. Although the foundation was completed, construction on the main structure never commenced.