Pearson Lured to Lower Manhattan

NEW YORK CITY-Lured by economic incentives from both the city and state, publisher Pearson will relocate employees from Saddle River, NJ and White Plains, NY to a renovated and expanded 330 Hudson St. The company will also create some jobs for a net influx of 600 jobs to the Hudson Square location.

Pearson, the UK publisher that owns and operates the Financial Times Group and the Penguin Group, was offered several incentives for the move. First off, Beacon Capital Partners, which acquired a 99-year land lease from Trinity Real Estate for the property in June of this year, will invest $113 million toward the renovation.

The New York City Economic Development Corp. also offered Pearson $4.5 million in Business Incentive Rate energy savings for the building and its other Hudson Square offices. Empire State Development then kicked in $9 million in Excelsior Jobs Program tax credits for the jobs that Pearson is moving from New Jersey. For its part, Pearson will invest $21 million for the renovation, which will include the addition of eight-stories at the now eight-story building.

The move makes Pearson, which has signed a lease for 270,000 square feet at 330 Hudson, the latest in a long line of media companies moving to Lower Manhattan. State assembly speaker Sheldon Silver raised this fact at an event announcing the move.

“The arrival of Pearson PLC is more proof that Lower Manhattan is fast becoming the media and new media capital of the world,” Speaker Silver said. “Whether you’re a young innovator starting new business, or an established firm looking to be where the action is, it is clear that Lower Manhattan is the place to be.”

Pearson already has a presence in the Hudson Square area, with Penguin offices at 345 and 375 Hudson St. The relocated jobs being brought to the city through the initiative have an average annual income of $72,000. In addition to the jobs themselves, Pearson’s decision bolsters the city’s ongoing efforts to position itself as a vibrant location for media and, specifically, tech jobs.

“Pearson’s relocation to and expansion at Hudson Square and its long-term investment in New York City is the latest example of the private sector’s confidence in the direction of our City and future growth of our local economy,” Mayor Michael Bloomberg said at Monday’s event. “We’ve worked to continue to grow New York City as a vibrant center for media, technology and innovation, and together with Trinity Real Estate and other partners, we’ve worked to promote Hudson Square as a prime commercial destination.”