FLORHAM PARK, NJ-As his hand hovers over the signature line on the state's new business-incentive program, Gov. Christopher Christie visited one beneficiary of a past program here Monday – Pfizer's animal healthcare spin-off, Zoetis - and will appear at the formal opening of another in Newark this morning – Panasonic in Newark.
The state Senate gave final approval to the new Economic Opportunity Act last Thursday, and the governor has said he will approve it.
Today, Christie is set to appear at the formal opening of the Panasonic Corporation of North America's new U.S. headquarters tower on the Newark riverfront. The shimmering glass-walled tower built by SJP Properties and Matrix Development is downtown Newark's first new office building in more than 20 years.
In 2011, Panasonic received $102.4 million in tax credits under the Urban Transit Hub tax credit program to support the project. The fact that the company was relocating from its longtime office only nine miles away in Secaucus gave rise to controversy that helped provoke the effort to overhaul the state's existing tax-incentive programs.
The new act streamlines five incentive programs into two that are focused on supporting development that creates or retains jobs in the state. Tax credits ranging from $500 to $5,000 per job are tired to the number of jobs and the location.
Last year, the state Economic Development Authority approved a $19 million Business Employment Incentive grant for Zoetis to lure it to move 400 employees to Florham Park as it became independent of Pfizer. Zoetis, now the largest independent animal health company worldwide, made its formal separation from Pfizer in June.
At Christie's Monday appearance at Zoetis' sleek new digs at 100 Campus Drive in Florham Park, he spoke of the “best job growth year since 2000” having occurred in 2012, a theme of his reelection campaign. He said investing in the growth of businesses such as Zoetis provides “certainty and stability” to the state economy – and their growth will help stem residential tax hikes.
"We are committed to growing our business in New Jersey where we have access to a highly educated and diverse workforce, which is essential to managing a global animal health company,” said Zoetis' Sandra J. Beaty at an outdoor ceremony for employees.
Noting that three global animal health companies now call the Garden State home, Christie added that, “the decision by Zoetis to locate its global headquarters in New Jersey is further confirmation of New Jersey being not only an international center of excellence for the life science industries but also a growing hub for the animal health sector.”
KBS REIT II acquired the Florham Park building in 2008. It is being managed by CBRE.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
