Virginia and the county have chipped in to encourage Covance's investment: the firm expects to receive approximately $3.7 million in combined financial incentives from the Commonwealth and Prince William County. In return, Covance plans to hire an additional 100 employees in the state by 2014. Its plans also call for the relocation of approximately 450 employees from existing operations in Vienna and Chantilly by 2011.
"The increased demand from our biopharmaceutical clients for our preclinical safety service offerings has led Covance to seek opportunities to enhance and expand our operations in Northern Virginia and build upon our multi-year global expansion plans," Wendel Barr, Covance SVP and president of Early Development North America, says in a statement. "With our long history in the area, we are looking forward to continuing our relationships as a member of the community as well as contributing to the diversification of the local economy."
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
