Page 11 - RE-NJ Nov.2021 #59
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IT’S OFFICIAL: PARTY CITY TO MOVE HQ TO WOODCLIFF LAKE
project is expected to create 357 new full-time jobs and retain 338 full-time jobs that were at risk of leaving New Jersey.
“Governor Murphy’s vision for
a stronger, fairer New Jersey economy is rooted in creating family-sustaining jobs,” said Tim Sullivan, the EDA’s chief executive. “The NJEDA is proud to support Party City bringing hundreds of jobs to Woodcliff Lake. This project is a strong example of sustainable, equitable economic growth
the Emerge program will drive throughout New Jersey.”
Owned by Signature Acquisitions, 100 Tice became available when Eisai Inc. agreed to move its headquarters to Prism Capital Partners’ ON3 campus. The
REALESTATENJTM 9 Japanese pharmaceutical company
is leasing more than 300,000 square feet at 200 Metro Blvd. in Nutley.
“I am thrilled to welcome Party City and their employees to
Bergen County,” Bergen County Executive James Tedesco said. “Party City joins an ever-growing and distinguished list of companies that understands the exceptional value Bergen County offers from our quality of life to our highly educated and skilled workforce. My economic development team will continue to work with our municipal and state partners to help Party City fill quality jobs
and get the services they need to be successful here. Thank you for choosing to become part of our Bergen County family.”
Party City will in fact move
its corporate headquarters to Woodcliff Lake, where it will lease more than 200,000 square feet to backfill a soon-to-be-vacant office building.
Carlos Rendo, the borough’s mayor, joined Party City Holdings Inc.
and other officials on Oct. 20 to announce that the retailer would occupy its new space in the second half of 2022. The move to 100 Tice Blvd. will allow the company to consolidate existing offices in Rockaway and Elmsford, New York, the site of its current headquarters, and provide a new home for a projected 695 employees.
State officials said in September that the party goods chain would lease 208,911 square feet at the
site, detailing the plan as part of
a seven-year, $9.996 million tax credit that was meant to incentivize the move from Westchester County.
“Our residents take great pride
in building a strong sense of community and Party City is going to be a wonderful addition to our town,” Rendo said. “Party City is
a company that cares about their employees and the communities they serve, and that’s just the type of corporate neighbor Woodcliff Lake wants to attract. We look forward to a long and mutually beneficial partnership for years to come.”
The 35-year-old company, which was founded in New Jersey, was the first to be approved under the new Emerge tax credit program. The state Economic Development
Authority voted in favor of the subsidy award on Sept. 22, noting that Party City would invest some $32 million as part of its move to Woodcliff Lake.
“We’re excited to bring Party City Holdings Inc. to Woodcliff Lake,” said Brad
Weston, the
company’s
CEO and
president. “It’s
essential that
we provide our
team with the
right working
environment,
and that extends beyond the office walls. We anticipate the convenient location, inspiring environment, and our hybrid approach will support a modern way of working and enable us to continue to attract and retain exceptional talent. We look forward to formally celebrating our new home in New Jersey in the future.”
The EDA said in September that Party City, which operates some 825 company-owned and franchise stores nationwide, expects to transform the building “into an office environment and a state- of-the-art technology space that will showcase products as well
as host vendors and clients,” with workspace to accommodate some 800 employees and photography studio space for products and showcase items.
The authority also calculated that the present value of the net benefit to the state is about $35.7 million, or 481 percent of the award. The
Brad Weston
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