Pearson Plans to Move 900 Jobs to New Building in Hoboken

Feb. 7 (Bloomberg) -- Pearson Plc, the owner of the Financial Times, will relocate 900 jobs to a waterfront development in Hoboken, New Jersey, rather than moving some operations to New York.

The London-based company’s Pearson Education will keep more than 1,600 jobs in New Jersey, Lieutenant Governor Kim Guadagno said in a statement today. The unit will occupy more than 200,000 square feet (18,600 square meters) on five floors at the Waterfront Corporate Center III building, being built by SJP Properties of Parsippany, New Jersey, Pearson said in a separate statement.

Pearson had planned to relocate to New York its operations in the New Jersey towns of Upper Saddle River and Old Tappan, Guadagno said. The company will receive an Urban Transit Hub Tax Credit of as much as $66 million over 10 years for keeping 900 jobs in northern New Jersey, according to the lieutenant governor. The company also must maintain at least 1,666 jobs in the state each year to qualify for the benefit.

Waterfront Corporate Center III is a 520,000-square-foot building on Hoboken’s River Street, one of three structures with about 1.5 million square feet of space. Occupants of the other buildings include publisher John Wiley & Sons Inc. and insurance brokerage Marsh & McClennan Cos., according to SJP’s website. The office complex is located across the Hudson River from lower Manhattan.

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