Harborside Plaza in Jersey City — file photo
By Joshua Burd
E-Trade Financial Corp. could be in line to expand its footprint on the Jersey City waterfront, following the approval Tuesday of a 10-year, $20.1 million tax credit package by the state Economic Development Authority.
The online brokerage and financial services firm, which occupies 106,573 square feet at Harborside Plaza 2, has proposed extending its lease and expanding its footprint by another 24,000 square feet, according to the EDA. The new space would house E-Trade’s customer technical services operations, which is now based in the Philippines but would be relocated to the U.S. as part of the plan.
The move would bring 251 new jobs to New Jersey and represent a capital investment of nearly $21 million, the firm told the EDA in its application for the Grow New Jersey incentive. E-Trade is also considering an alternative site in Alpharetta, Georgia, where it already occupies 132,000 square feet.
Mack-Cali Realty Corp. owns Harborside Plaza 2, which is located at 200 Hudson St. E-Trade’s lease at the building is set to expire in 2022, but accepting the EDA incentive would allow the technical services unit to be close to its Manhattan headquarters and tap into a larger workforce.
An EDA analysis found New Jersey to be the more expensive option. But the authority projects that the move would have a net benefit to the state of $45 million over 20 years.
