STAMFORD, CT-Ground has broken on the RBS Greenwich Capital building off Washington Boulevard here. The $400-million project will involve the construction of a new 500,000-sf office building.

RBS Greenwich Capital, which is a subsidiary of Royal Bank of Scotland, will be shifting some operations from Greenwich and from Manhattan once the building is complete. The firm plans to have 600 new employees at its property along with 550 bank employees that will be relocated from offices in Manhattan as well as 700 employees that will be moving from offices in Greenwich. The project is also expected to create approximately 800 construction jobs.

The building, which is near the UBS Building, makes the city a hub for financial services firms, according to Gov. Jodi Rell. “Financial services companies employ over 54,000 people in Connecticut and are a key driver for our economy. Our state, and Fairfield County in particular, is a hub for some of the world’s leading financial institutions.”

Ben Carpenter, co-CEO of RBS Greenwich Capital says that the state and city of Stamford have been strong supporters. “In our view, the teamwork and cooperation behind this project are a perfect example of the great things that can be accomplished when public and private sectors work well together.”

The state Department of Economic and Community Development is providing up to $100 million in Urban Reinvestment Tax Credits over 10 years to support the project, state officials note. The Connecticut Development Authority has approved a $9-million sales and use tax exemption on construction materials in connection with the project.

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