Newark, NJ – February 22, 2011 – Mayor Cory A. Booker, Council Member-at-Large Carlos M. Gonzalez, Deputy Mayor of Economic and Housing Development and Brick City Development Corporation Chair Stefan Pryor, New Jersey Economic Development Authority Vice President of Regional Business Development Lori Matheus, Brick City Development Corporation CEO Lyneir Richardson, Standard Chartered Bank Americas CEO David Stileman, and other dignitaries cut the ribbon to open the 12,000-square-foot expansion of Standard Chartered Bank’s Newark offices today. The offices are located on the 12th floor of 2 Gateway Center in Downtown Newark.
Standard Chartered Bank already houses a services facility with more than 300 non-client facing staff in 45,000 square feet in Newark’s downtown business district. The London-based Bank has committed to staying in Newark for the next 10 years, having designated a 57,000 square foot space at 2 Gateway Center. The expansion will bring an additional 125 jobs to Newark and support Standard Chartered’s Manhattan headquarters. The expansion is expected to spur further growth in the city’s economy and is seen as a vote of confidence by the private sector for Newark.
“With its global reach, Standard Chartered is a company that can locate its operations anywhere in the world. Today, I am so pleased that the bank, which chose Newark in 2008, is increasing its commitment to Newark and bringing 125 new jobs here. I look forward to many years of continued success, growth, and partnership with Standard Chartered Bank in Newark,” said Mayor Booker.
The Bank’s decision to open and expand a services facility in Newark was based largely on the city’s status as a major transportation hub with convenient access to the New Jersey workforce, the international airport and mass transit systems, as well as its many celebrated entertainment venues, cultural institutions, and historical landmarks.
“This expansion gives Standard Chartered another 12,000 square feet, supporting our strong and growing business in Newark, thanks in large part to the relationships we have with our clients and the work the mayor and the community have done to transform the city,” said Standard Chartered Bank Americas CEO David Stileman.
Brick City Development Corporation (BCDC) worked closely with representing brokers, EDA, 2 Gateway Center owners, and the City of Newark to secure tenancy of the bank. Launched in 2007, the Newark-based non-profit has taken the lead in the city’s efforts to spur economic development by attracting new businesses, expanding small and minority businesses throughout the city, and creating employment opportunities for Newarkers.
Deputy Mayor Pryor said, “In its two years in Newark, Standard Chartered Bank has already established itself as one of the City’s valued corporate citizens. Now, with the expansion of its presence in Newark, we look forward to growing our partnership. Thank you to David Stileman, CEO for the Americas, and Matthew Millett, Chief Operating Officer of the Americas, for their leadership in making this transaction happen.”
“BCDC works with companies considering a relocation or expansion in Newark by providing a toolbox of resources – including assistance with site location and analysis of economic indicators, workforce, available financial incentives, and other relevant information. We are proud that BCDC took part in both bringing Standard Chartered Bank to Newark in 2008 and, today, in expanding the business in 2011,” said Brick City CEO Richardson.
The Bank is eligible for the State of New Jersey’s Urban Enterprise Zone sales tax exemption. In addition, the New Jersey Economic Development Authority (EDA) provided funding under the Business Employment Incentive Program (BEIP), in 2008, to help support the original relocation.
“Corporate partners like Standard Chartered Bank are essential to Governor Chris Christie’s ongoing efforts to grow New Jersey’s economy and revitalize the State’s urban centers. As New Jersey’s ‘bank for business,’ the EDA is proud to have worked in partnership with the City and BCDC to help encourage this company to relocate to and expand in Newark,” said EDA Chief Executive Officer Caren Franzini.
For more information about any City of Newark policy or program, contact the Non-Emergency Call Center at (973) 733-4311.