Despite periodic threats to move thousands of its New York City employees out of the city, Bear Stearns has announced that it will renew its 300,000 sq. ft. lease at Brooklyn’s Metro Tech Center for a 20-year term.

Bear Stearns has occupied the space since 1991, but recently demanded millions in tax breaks from New York City in exchange for not seeking cheaper office space in New Jersey. The firm employs about 15,000 people at the New York location.

"The decision to renew our lease at MetroTech is a reflection of our long-term commitment to New York City and the value we place on maintaining our operations in Brooklyn," says Bear Stearns CEO James Cayne.

Bear Stearns is one of the few financial services firms in the New York area that leases both a headquarters and a back-office location in the city.