Morgan Stanley has received final approvals for $8.4 million in economic incentives from the Westchester County Industrial Development Agency (IDA) to purchase the former Texaco Headquarters located at 2000 Westchester Ave. in Harrison, NY. Under the agreement, Morgan Stanley will buy the 725,000-square-foot building from Texaco for $42 million - less than $58 per square foot. Morgan Stanley applied for the tax relief from the IDA, who provides a mechanism for firms locating in Westchester County to create jobs. The sales tax abatement is for furniture, equipment and the renovation of the building. Under state law, Westchester County will have a part leasehold interest in the property for a term of approximately 15 years, according to Teri Waivida, executive director of the IDA. This is done to ensure that a certain number of jobs will be created in Westchester County and Morgan Stanley will not leave New York State. Morgan Stanley has stated that the number of employees on site will ultimately exceed the number of former Texaco employees, which was nearly 2,000 at one point. "We couldn't be more pleased that Morgan Stanley chose Westchester," said Westchester County Executive Andrew Spano. "It's a perfect match. The company gets one of the most beautiful corporate buildings around, and the county gets an economic boost from a global leader and first-rate corporate citizen." Morgan Stanley decided to expand to Westchester as part of a plan to decentralize office locations for security and business continuity purposes. The company lost 1.2 million square feet of space at the World Trade Center.