BLS & Co. was engaged by AbleTo Inc, a behavioral healthcare provider, to provide an incentives strategy for its planned new facility. The company was rapidly expanding, seeking to create new jobs in its technology and software development division with wages over $100,000 annually.
As part of the incentives package, AbleTo Inc., was approved for Excelsior Jobs Tax Credit incentive program for steadily creating new jobs in the state of New York.
BLS & Co. was engaged to devise an incentives strategy for ACE Limited (now Chubb) in support of their consolidation and relocation of back office operations from New York City to Jersey City, New Jersey.
As part of the package, ACE was approved for a New Jersey BEIP grant and an exemption from sales tax on construction materials and equipment purchases.
BLS & Co. secured an incentives package for AeroFarms for its headquarters and R&D operation on a three-acre site in Newark, NJ, developed by the RBH Group. AeroFarms is the largest indoor aeroponic farm in the world, growing up to two million pounds per year of leafy greens in a safe, sanitary and environmentally controlled facility.
BLS & Co. and its energy services affiliate, Sugarloaf Associates, identified nine "Data Center Qualified Sites" for American Electric Power (NYSE: AEP), one of the nation's largest utilities. After a comprehensive review of locations across AEP's 11-state territory, BLS & Co. qualified sites with reliable and redundant power supply, strong fiber networks, low disaster risks and a business-friendly climate.
The team designed a three-phase evaluation process that analyzed the electric supply and capacity, access to long and short-haul fiber providers, water availability, electric costs, tax exemptions and incentives, demographics, vendor/supplier networks and the ability to complete construction within 18 months.
As an extra step, a third-party engineering company, Intelligent Building Systems (IBS), modeled each site's ability to accommodate a 100,000-square-foot raised-floor data center designed to current industry specifications.
BLS & Co. conducted a comparison of warehouse labor markets in Ohio, Kentucky and West Virginia to help inform Avon's location decision-making.
We examined labor supply, demand, quality, and cost indicators including present and projected population levels, unemployment rates, education attainment, unionization, wage and income levels.
Bank of New York (BNY) Mellon had multiple near-term lease expirations across three states, requiring review of a wide range of location options to consolidate operations and reduce costs.
Other states offered significant "new job" incentives to attract BNY Mellon, but New Jersey was ill-equipped to save its existing jobs. BLS & Co. initiated a campaign to create a new "retention" incentive for New Jersey, beginning with a "white paper" on its policy merits, and organized a coalition of business and government leaders to promote the new legislation.
The new program - Business Retention & Relocation Grant (BRRAG) - provided transferable tax credits for large projects, and premium incentives for projects relocating to urban centers. The legislature adopted BRRAG in time for BNY Mellon's location decision. BNY Mellon responded with a commitment to relocate nearly 900 suburban-based jobs to Jersey City.
BLS & Co. secured an incentives package for Barclaycard US, the credit card division of Barclays Bank PLC of London. After an extensive review of locations and an analysis of local workforce dynamics, the company chose Henderson, Nevada, a Las Vegas suburb, for its new call center and back office operations facility. To help fund the project, BLS & Co. secured an incentives package that included state grants, tax exemptions, and job training assistance.
BLS & Co. served as incentives consultant to Barclays for multiple projects throughout the U.S., beginning with the migration of positions within the NY/NJ metro markets, and the acquisition of certain Lehman assets that were subject to incentives obligations in 2010. More recently, BLS & Co. has secured incentives packages in Texas, Arizona, Oklahoma, Missouri, Kansas and Nevada in support of a redeployment of a total of 1,700 positions.
BLS & Co. has represented Barr Pharmaceuticals in connection with multiple relocation and expansion projects in New Jersey. BLS & Co. secured incentives for the relocation and growth of its corporate operations from Pomana, New York to Woodcliff Lake, New Jersey.
Later, Barr relocated its Woodcliff Lake operations into a larger built-to-suit facility in Montvale, New Jersey and committed to the growth of additional jobs. BLS & Co. secured additional incentives for this project.
BLS & Co. has served as advisor and exclusive representative for Bloomberg, LP in connection with a wide range of incentives strategies. Included among projects BLS & Co. has managed for Bloomberg is its headquarters location decision-making process and the creation of an innovative public financing structure in support of the company’s R&D facilities and data centers.
BLS & Co. implemented an overall community/government relations strategy that successfully obtained land use approvals and extended vesting of development rights on a 100-acre tract for which previous attempts at commercial development had failed.
BLS & Co. continues to support Bloomberg in a range of confidential projects for mission-critical facilities.
BLS & Co. served as site selection and incentives consultant for Bristol-Myers Squibb's new North American Capability Center (NACC) in Tampa, FL.
BMS’ goal for the NACC was to house key enterprise services—technology, finance, and accounting—together with research and analytics, and to do so in a cost-effective market. The NACC project required BLS & Co. to identify and prove out low-cost, yet high-quality, markets with diverse pools of talent.
BLS & Co. managed a team of brokers, designers, and the company’s own human resource, technology, and function heads during an engagement that resulted in the successful site selection, incentive agreement, staffing, and opening of the NACC—all within a nine-month window.
BLS & Co. served as site selection and incentives consultant during a complex and highly competitive nationwide search for the location of a new $750 million, large-scale multi-product bulk biologics facility in Devens, MA. The facility (the largest capital investment in BMS history) supports the production of ORENCIA (R), the company's biologic therapy for rheumatoid arthritis.
BLS & Co. was engaged to advise Burlington Coat Factory (BCF) as part of a competitive location decision-making process for the location of the company’s headquarters. BCF considered locations within New Jersey and Pennsylvania.
BLS & Co. secured an incentive package from the State of New Jersey consisting of Grow NJ tax credits and an exemption from sales tax on construction materials and equipment purchases.
BLS & Co. has represented Citigroup on projects throughout North America. We managed the development and implementation of an incentive strategy for two mirror 300,000 sf data center facilities, one in Ohio and one in Texas. The incentives in both locations included real and personal property tax abatements. In Ohio, BLS & Co. structured a unique public financing, including the creation of a Port Authority.
BLS & Co. advised Colgate Palmolive on behalf of a new personal care products manufacturing plant in Greenwood, South Carolina. The initial search geography included the southeastern and mid-Atlantic United States. BLS & Co.'s energy services group performed infrastructure due diligence on the preferred site, identifying several critical issues to be remedied. The incentive package was comprised of various tax credits for job creation, investment, and port usage; a closing fund grant award; sales and use tax exemptions, training assistance, and property reductions.
BLS & Co. served as incentives advisor during the relocation of the headquarters of CPG International from Skokie, Illinois (part of the Chicago MSA). Complicating the move was the need to move the C-Suite to the new location in advance of the rest of the headquarters staff, necessitating the potential for staged growth, potentially in multiple locations. Other locations considered included downtown Chicago and Cincinnati, OH.
BLS & Co. developed and executed the incentives strategy to facilitate the Depository Trust & Clearing Corporation’s (DTCC) move from Lower Manhattan to Jersey City, New Jersey.
DTCC’s migration and ongoing operations in New Jersey were financed, in part, by the EDA’s Business Employment Incentive Program (BEIP). DTCC also became the first beneficiary of the Economic Redevelopment and Growth (ERG) Grant program.
In 2002 the “Fed White Paper” challenged the financial industry to make the investments required to assure continuity and liquidity in capital markets. For the Depository Trust and Clearing Corporation (DTCC), this challenge gave rise to an intensive confidential site search that scrutinized multiple markets over six months. The search ultimately concluded in Tampa, where the collaboration of state, county and city commitments made a material difference in off-setting project costs.
The approved incentives included the Governor’s Closing Fund and new city and county programs created for this project. BLS & Co. also advised the client on integration and restructuring of its pre-existing incentives agreement in NYC into its overall redeployment and diversification of operations to Florida.
BLS & Co. represented Diageo during their new headquarters location decision-making process. Their 270,000 square foot building in Norwalk, CT represented the very first project approved under the State's new Urban Reinvestment Act program and resulted in a reward of transferable tax credits, as well as sales tax exemptions and property tax abatements.
Eby-Brown engaged BLS & Co. to provide incentives advisory services for a new distribution center/warehouse facility to service customers in the Midwest and Mid-South regions of the United States.
The company short-listed locations in Kentucky and Indiana, and BLS & Co. secured competitive incentive offers for locations in both states. The company selected a location in Shepherdsville, KY to construct a 300,000 SF build-to-suit lease-back facility.
BLS & Co. secured an incentives package for Eby-Brown, a wholesale distributor for the convenience store industry. The company engaged BLS & Co. to provide incentives advisory services for a potential relocation to Indiana or Tennessee from its awkward, outdated layout in Naperville, IL. The company ultimately elected to remain in the Chicago area, securing a new, state-of-the-art space in Naperville.
BLS & Co. represented Fanatics, the leading sports merchandise licensing and ecommerce company, in siting its second fulfillment and light manufacturing center in Frazeysburg, Ohio. The company was experiencing rapid growth, but had continued to process all of its orders from a single fulfillment center located in Florida. In order to maximize efficiency and lower costs while maintaining Fanatic's commitment to fast and reliable delivery, the Company sought to expand its fulfilment network.
During an approximately 6-month engagement, BLS & Co. conducted a comprehensive, multi-state site selection effort focusing on such factors as available real estate, ability to attract and retain labor, comprehensive cost modeling, and incentives. BLS & Co. then helped the company secure an Ohio Jobs Creation Tax Credit and a forgivable equipment lease financing.
BLS & Co. and its energy services affiliate Sugarloaf Associates conducted a thorough review of Florida Power & Light’s 35-county territory to pre-qualify sites for data centers and mission critical facilities.
Initially, four diverse sites were selected. The sites offer a unique combination of factors desired by today’s mission critical and data center operations, including highly reliable and redundant power and fiber infrastructures, competitive cost structures, and locations insulated from manmade and natural risks.
BLS & Co. advised Gartner on a headquarters location and incentives strategy, enabling the renewal of its lease in Stamford, Connecticut.
BLS & Co. secured incentives, utilizing the Urban and Industrial Site Reinvestment Tax Credit, DECD direct assistance, sales tax exemption and property tax abatement.
BLS & Co. conducted a comprehensive evaluation of location options in multiple markets, including Columbus, GA and Jackson, MS, to accommodate Gartner’s growing space requirements for their operations in Ft. Myers, FL.
Gartner ultimately decided to lease a newly constructed 120,000 sf facility adjacent to its existing building in Florida.
Goya Foods is the premier provider of authentic Latino and Caribbean cuisine. BLS & Co. advised the company as it sought to address capacity constraints at its New Jersey headquarters and distribution facility.
BLS & Co. secured an award under the Urban Transit Hub Tax Credit program to support the project, which will include the creation of over 100 new jobs and the retention of over 300 existing jobs.
HelloFresh, an international meal kit company with offices in New York City and Germany, chose to relocate and expand its operations to Newark, NJ. After a nationwide search, the firm decided to lease a 217,000 square foot distribution space and an additional 20,000 square feet of office space in downtown Newark. The NJ Economic Development Authority estimates the project will yield a net benefit to the state of $4.1 million over 20 years.
BLS & Co. crafted land use and community engagement strategies to assist Hercules with the disposition of 2,100 acres of brownfields in New Jersey. The engagement involved strategies to reposition and/or redevelop four sites on a portfolio basis, quickly enabling sale of the most market-ready property to generate the resources needed to pursue the redevelopment potential of the longer-lead sites.
BLS & Co.'s efforts focused on an affirmative, inclusive community/intervenor strategy to define the benefits associated with redevelopment, including demonstrating the fiscal and economic impacts of a market-based approach to re-use of the sites. BLS & Co. also managed an RFP process to identify and select the most qualified bidders for the sites, then managed the transaction that resulted in the sale of a 100-acre property in Burlington, New Jersey which has since been redeveloped with over 1 million square feet of modern warehouse space.
BLS & Co. was engaged by Kuehne + Nagel, a global transport and logistics company, to provide site selection services for a planned new operation and training facility. After a nationwide search, Kuehne + Nagel decided to locate its first-ever Operational Care Center (OCC) and Career Development Program in downtown Detroit. The office will employ nearly 200 people by 2021.
BLS & Co. was engaged by Mead Johnson Nutritionals, following its spinoff by Bristol-Myer Squibb, to advise the company on the choice of destination for its new executive offices.
BLS & Co. managed a multi-market comparative analysis in North America that ultimately resulted in the relocation of the company's leadership tier to a new Class A office space in Glenview, IL (suburban Chicago).
The firm also secured an EDGE grant from the State of Illinois to reduce the costs and help manage the risks associated with the redeployment.
BLS & Co. served as financial advisor for a groundbreaking cooperative venture between the H. Lee Moffitt Cancer Center in Tampa and Merck to secure public financing to create over 300,000 square feet of life-sciences oriented development on a 25-acre site.
Moffitt created a wholly owned subsidiary called M2Gen to implement the project, which began with the construction of a 50,000 square foot facility that will house labs and related facilities focused on revolutionizing the way cancer is diagnosed and treated.
BLS & Co. conceptualized the incentives package for the project and managed the analysis, negotiations, structuring, approvals and documentation of the public financing. The public financing package constituted more than one-fourth the total project capitalization.
BLS & Co. secured an incentives package for Nestlé Waters North America Inc, relocating its North American headquarters from Greenwich to Stamford, CT. The Stamford location meets the U.S. Green Building Council’s Leadership in Energy and Environmental Design® (LEED) standards for green buildings.
To help fund the project, BLS & Co. secured an incentives package comprising of low-interest loans, state tax credits and tax exemptions.
BLS & Co. advised New York Life on the relocation of approximately 1,000 employees from the company’s Manhattan headquarters location to a new facility in Westchester, New York.
BLS & Co. was successful in securing an economic development incentive package that included a PILOT (Payment in Lieu of Taxes), sales tax exemptions on construction materials and FF&E purchases, a state capital grant and a discount of the utility bills.
BLS & Co served as site selection and incentives consultant for Omnicom Group Inc. in support of the company’s competitive location decision-making process for targeted functions to be relocated out of New York City.
BLS & Co. advised Omnicom on evaluation of alternative relocation strategies to maximize savings and minimize operational disruption by redeploying selected operations to be co-located with related functions in cities where the company has successful operating experience and excess real estate capacity. Ultimately, the incentives package from the State of New Jersey was sufficient to induce the company to relocate nearly 500 jobs to Jersey City. Omnicom considered locations in Connecticut, Texas, Ohio and Costa Rica before selecting New Jersey.
Panasonic's North American headquarters in Secaucus, NJ no longer met the company's objectives for talent, energy efficiency and branding.
BLS & Co. was engaged to evaluate multiple destinations for the headquarters, both in the NY / NJ metro area as well as locations in CA, IL and GA where the company has surplus real estate capacity.
BLS & Co. was successful in securing a package of state and local incentives in connection with Panasonic’s decision to anchor a new Class A office tower in downtown Newark, including an Urban Transit Hub Tax Credit award and local grants through the Redevelopment Area Bond program.
Panasonic now occupies 10 floors of the 12-story building at Two Riverfront Plaza, Newark’s first new office building in more than 20 years. Designed to achieve Leadership in Energy and Environmental Design (LEED) gold certification for new construction and LEED platinum certification for interiors, the project is bringing 1,000 new employees into Newark’s downtown, and provides the catalyst for development of new retail, hospitality and other amenities in the city’s central business district.
CoreNet Global recognized the Panasonic project team with a 2013 Economic Development Leadership Award for spurring economic development, investment and employment in the Brick City.
BLS & Co. worked with the Philadelphia Inquirer to secure an incentives package for the retention of its headquarters in Center City.
BLS & Co. was successful in restructuring the RCAP incentives program as well as securing low interest rate financing through Philadelphia Industrial Development Corporation.
Prudential employs more than 4,800 people in the City of Newark where the Company occupies more than 1.8 million square feet of space. With several of its leases in the City set to expire the Company commenced a comprehensive evaluation of its Newark occupancy to identify the optimal location strategy.
BLS & Co. advised Prudential on the role of incentives in its overall location strategy, and ultimately secured approval of an Urban Transit Hub Tax Credit award in support of the construction of a proposed new facility and the creation of new high-compensation positions. The project, which will result in a redevelopment of an entire city block, represents the single largest project in Newark in a generation.
BLS & Co. and its principals have provided ongoing site selection and incentives advisory services to QVC, including warehouse and call center location projects in North America and Europe. Our most recent engagement for QVC resulted in a 1 million square foot distribution center (expandable to 2 million square feet) in Florence, South Carolina.
BLS & Co. managed a multi-state, sequential site search, and secured incentives for the project, including free land, infrastructure grants, ad valorem tax abatements, job development grants, job tax credits, and sales tax exemptions.
In addition, BLS expedited permitting and as a result, the warehouse was able to open ahead of schedule.
When Roche required assistance to fast-track a decision on the location of its new Translational Clinical Research Center (TCRC), the company engaged BLS & Co. to secure incentives in support of this elite research early development organization. After a thorough site selection process, the company chose the build-to-suit Alexandria Center on Manhattan’s east side for its new facility.
BLS & Co. developed and executed an incentives strategy to induce the company to consolidate Royal Bank of Scotland's North American corporate bank, based in NYC, and its RBS/Greenwich Capital headquarters in a new office and trading floor in Stamford, CT. The package consists of transferable corporate income tax credits and other incentives in connection with the proposed retention and creation of approximately 1,800 jobs. The scale of this package required legislative hearings and consent.
BLS & Co. provided incentives advisory services for SKF USA Inc.’s new Global Technical Center – Americas (GTCA), an engineering research and development center supporting SKF’s North and South American manufacturing operations. Naperville, IL -- a suburb of Chicago – was chosen for the 130,000 square foot build-to-suit facility.
TradePoint Atlantic (TPA) – previously Sparrows Point Terminal – is a former 3,200 acre Bethlehem Steel plant site located in southeastern Baltimore County, Maryland. TPA purchased the brownfield site in the fall of 2014 with plans to redevelop it into a major East Coast multi-modal distribution and manufacturing hub.
BLS & Co. was engaged to develop a comprehensive strategy to secure the public financing sources needed to mitigate the significant cost of repositioning a brownfields site of this scale and complexity. Our services included:
The competitive benchmarking analysis revealed an opportunity to improve the cost competitiveness of the site via the introduction of a targeted sales and use tax exemption for specified construction materials and warehousing equipment. BLS & Co. served as “subject matter expert” to assist TPA in pursuit of the required legislation by documenting the competitive market-based rationale for the proposed exemption, providing data on similar programs in other locations, drafting proposed legislation and providing expert testimony during Senate and House hearings on the proposed legislation. On May 19, 2016, Maryland Governor Larry Hogan signed the enabling legislation.