Page 8 - RE-NJ

6 APRIL 2025
NOKIA BELL LABS TOWER SECURES
$104 MILLION ASPIRE AWARD
The developers of what will be
nearly 370,000 square feet of lab
and offi ce space in New Brunswick,
the future home of Nokia Bell Labs,
could soon break ground after
securing a 10-year, $103.9 million
tax credit award under the state’s
Aspire program.
The Economic Development
Authority, which administers the
program, approved the subsidy
in mid-March during its monthly
board meeting. That paves the
way for the second phase of the
New Jersey Health + Life Science
Exchange campus across from
the New Brunswick train station,
where Nokia’s industrial research
arm would occupy a 10-story,
369,749-square-foot tower just south
of Albany Street.
SJP Properties is constructing
what’s known as H-2 under a
joint venture with North Haven
Net REIT, while New Brunswick
Development Corp. is the campus’
master developer. Nokia will
occupy the facility under a 20-year
master lease, bringing some 1,000
scientists, engineers and other
talent to the city from its longtime
home in the Murray Hill section of
Union County.
“This approval by the NJEDA Board
serves as another milestone in our
mission to cement New Jersey as a
national leader
in technological
innovation,
helping
strengthen the
New Brunswick
community and
create long-
term economic
Gov. Phil Murphy
growth across
the state,” Gov. Phil Murphy said.
“Through the partnership of major
institutions, like Nokia Bell Labs,
the HELIX will support the creation
of advanced technologies and allow
startups to scale their business
and commercialize lifechanging
inventions.”
The approval comes two years
after the EDA approved a $271
million tax credit for the HELIX’s
fi rst phase, which will include
574,000 square feet housing the New
Courtesy: New Brunswick Development Corp.
Plans for H-2, the second phase of the New Jersey Health + Life Science Exchange
in downtown New Brunswick, will include 360,000 square feet of build-to-suit lab and
offi ce space for Nokia Bell Labs.
Jersey Innovation HUB incubator,
the new home of Rutgers Robert
Wood Johnson Medical School and
a Rutgers University translational
research facility. The project is
slated to come online starting this
year as the Nokia tower begins
construction, which would take
some 27 months.
Offi cials noted that H-2 will be
a research and development
facility with chemistry and biology
laboratories, data centers, 3D
printing areas, machine shops, offi ce
space and conference rooms. The
building’s main lobby will include a
technology showcase and a coffee
shop, which will have access to
the Paseo, a public outdoor space
connecting the Rutgers campus, the
Robert Wood Johnson University
Hospital district, the train station
and the city’s government and arts
district.
It would also join a planned third
phase of the HELIX, which currently
calls for 250 apartments over a
240,000-square-foot podium of lab
and offi ce space.
“The HELIX serves as a cornerstone
of Governor Murphy’s vision
to supercharge New Jersey’s
economy and retain our legacy as
a national leader in innovation,”
said Tim Sullivan, the EDA’s
CEO. “The Aspire program fuels
catalytic development projects
that transform
communities
into dynamic,
transit-oriented
hubs, ideal for
living, working
and doing
business. With
today’s Aspire
Tim Sullivan
award, Nokia
Bell Labs addition to the HELIX will
further support New Brunswick’s
innovation ecosystem by creating
cutting-edge technology, high-
quality jobs and long-term economic
growth that will benefi t generations
of New Jerseyans.”
In February, the EDA announced it
will partner with Nokia Bell Labs
to launch a Strategic Innovation
Center consisting of the NJ Nokia
Innovation Center and Bell Labs
Venture Studio, both of which will
eventually be located at H-2. Both
components will be focused on
enabling startups to accelerate and
commercialize intellectual property
from Nokia Bell Labs and local
universities with an emphasis on the
fi elds of communication, artifi cial
intelligence, cloud computing and
optical and wireless networks.
“We are thrilled that the NJEDA
Board has approved the Aspire tax
credits for the second phase of
the HELIX project,” Nokia Chief
Strategy and Technology Offi cer
Nishant Batra said. “New Jersey
has long been a signifi cant hub
for innovation, and this signifi cant
achievement would not have been
possible without the unwavering
support from Governor Murphy
and the NJEDA through the Aspire
program. This state-of-the-art
facility will not only enhance
our research and development
capabilities, but will also drive the
creation of cutting-edge technology,
generate new jobs and stimulate
long-term economic growth in
the state through the NJ Nokia
Innovation Center and the Bell Labs
Venture Studio.”
HDR Architects and Engineers PC is
spearheading the project’s design.
“Thias investment in New
Brunswick’s HELIX campus is
another example of how New
Jersey is solidifying its position as
a national leader in life sciences
and technological innovation,” state
Assembly Speaker Craig J. Coughlin
said. “With world-class partners like
Nokia Bell Labs and transformative
programs like Aspire, we’re building
on an already impressive ecosystem
that draws in top talent, keeping
New Jersey at the cutting edge of
global innovation. Further, major
public-private partnerships such
as the HELIX illustrates to the
American and foreign private sector
job-creators that New Jersey can
get big things done with the right
leadership and vision in place.”
The Aspire tax credit package,
which is not disbursed until the
project’s completion, represents up
to 80 percent of the eligible project
cost, not to exceed $103.9 million.
“The approval of Aspire tax
credits for H-2 marks another
transformative step in New
Brunswick’s evolution as a hub for
cutting-edge research, innovation
and economic growth,” New
Brunswick Mayor Jim Cahill
said. “Nokia Bell Labs’ decision
to establish its headquarters in
New Brunswick is a tremendous
opportunity that will further
enhance our city’s role as a leader
in technological advancement. This
move will attract top-tier talent,
drive new investment and create
opportunities that will benefi t our
community for years to come.”