The combined entity, when the deal closes, will have an enterprise value of $12 billion.

WebFX received a funding proposal from the Department of Community and Economic Development for the project. The proposal includes a $250,000 Pennsylvania First grant and $126,000 in Job Creation Tax Credits to be distributed upon creation of the new jobs.

Marquee Brands recognized the energy and evolution of the neighborhood, surrounded by the tremendous investment in the Penn Plaza, Hudson Yards and Manhattan West developments.

The company states that it signed a 10-year lease for its new headquarters space at the 2.5-million-square-foot complex and will invest more than $200 million annually in the region through headcount, real estate investment and other expenses