City and state officials are negotiating with JPMorgan Chase & Co (JPM.N) over a potential deal involving the bank building a vast $6.5 billion corporate campus with two high-rise towers in the new commercial district on the Far West Side of Manhattan, the New York Times reported.

The talks, which involve one of the largest real estate complexes for a single company in New York City history and a large package of incentives for the biggest U.S. bank, have reached a feverish state after nearly falling apart this week, the report said.

JPMorgan had initially sought, by one account, more than $1 billion in concessions from the city and state while it continues to pare its payroll in New York, according to the paper.

The negotiations are so delicate that few people are willing to discuss them publicly for fear of alienating one side or another, the New York Times added.

JPMorgan was not immediately available for comment.