The firm, which has planned an initial public offering for October, was formed by Enron Corp., of Houston in May and has the likes of IBM and America Online as strategic partners, a company spokesperson says.
New Power will receive $292,000 in sales tax exemptions from the county's Industrial Development Agency. The county has also offered another $255,000 in utility discounts. The IDA is expected to approve the sales tax exemptions on Thursday, Sept. 21. The company is also eligible to apply for a $475,000 grant from Empire State Development Corp., says Westchester County Economic Development Director Salvatore Carrera.
New Power will relocate from its current headquarters offices at 10 Glenville Rd. in Greenwich. Paul Dumont, vice president of Related Properties, said that the lease agreement has been signed and is currently in escrow. He says that the company has options to increase its space at The Centre at Purchase to 75,000 sf in the next few years. Newmark & Company Real Estate represented New Power in the transaction.
The company is expected to take occupancy of its headquarters in the four-story, 136,000-sf building in October. Other major tenants at the building are R. H. Donnelley and Sprint Corp. The company currently employs approximately 100 workers.
The move is expected to generate 400 additional jobs by 2004 and about $240,000 in property taxes each year. More than $5 million will be invested in office space renovations and capital equipment, Westchester County officials note.
"This move is just one more example of the high-tech companies showing an interest in Westchester, and we did everything we could to make it happen quickly," says Westchester County Executive Andrew Spano. "The approval comes less than a week after the IDA application was filed."
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
