Citigroup Garners $57M State Grant to Move Jobs

WARREN TWP., NJ-Financial giant Citigroup’s announcement that it will reshuffle its metro-area operations provides a substantial gain for New Jersey, but at a cost of an estimated $57 million in state funds. The company will ship at least 1,600 jobs across the Hudson River, and when existing operations in the state are added to projected new hires, the job total at a former Lucent campus here could hit the 3,000 mark.

Citigroup’s new New Jersey home is the Warren Corporate Center, an 800,000-sf asset located at 283 King George Rd. in this Somerset County community. The sprawling building is owned by the Parsippany, NJ-based SJP Properties, headed by Steven J. Pozycki, and Prudential’s Prisa fund, which jointly acquired it from Lucent in the fall of 2001 for an estimated $165 million.

By the numbers, those 1,600 jobs moving from Manhattan come from Citigroup Global Markets, the company’s research arm, and Citigroup Technology, which services the company’s technology requirements. The location will also be staffed by more than 700 employees already working at various locations in the Garden State. And Citigroup is projecting the hiring of up to 650 new people over the next two years.