Those 1,800 incoming jobs out of the total of 2,800 on-site positions are triggering the $63.8-million Business Employment Incentive Program grant that was approved by the State of New Jersey last month. As reported, the state's incentives package also includes abatement of sales and use taxes relating to the acquisition, renovation and ongoing operation of the property, and state officials estimate that the total benefit, including BEIP and the abatements, come wind up in the $130-million range. The only "string" is that Verizon has to stay on the property for at least 15 years.
Sources estimate, meanwhile, that renovations to make the campus ready for occupancy could top the $200-million mark, a factor that triggered the relatively low sale price of $125 million. Pharmacia, which was subsequently acquired by Pfizer, paid AT&T more than $210 million three years ago for the 140-acre property and its buildings. Needed renovations include everything from replacing its outdated wiring systems, to beefing up its internal and external security systems.
As reported by GlobeSt.com, Verizon expects to get the move-in completed in phases by late 2006. According to a source at Verizon Wireless, execs of that unit told staffers yesterday that the positions currently based in New York would move in first, relating to the company's relocating its headquarters from its recently sold Sixth Avenue building to Lower Manhattan. Wireless employees were told that their move would come in 2006, presumably around mid-year. Verizon Wireless currently employs 2,500 in the Garden State, but only the 1,000 headquarters people will be relocated, staffers were told yesterday.
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