MCEDC to Award Watson Pharmaceuticals and Cushman & Wakefield
The Morris County Economic Development Corporation (MCEDC) presents the Nineteenth Annual Partners in Economic Development Awards luncheon on Friday, May 13, 2011 from 11:00 a.m. to 1:30 p.m. at the Hanover Marriott.
Tracye McDaniel, CEO, Choose New Jersey will be the luncheon’s guest speaker. Choose New Jersey is a private nonprofit organization whose mission is to encourage and nurture economic growth throughout the State of New Jersey.
Choose NJ is the marketing arm of Governor Christie’s economic development model. The sponsors of this year’s luncheon are JCP&L a First Energy Company, PSEG, Watson Pharmaceuticals, and Verizon.
MCEDC will acknowledge one company and four real estate professionals for their significant contributions to Morris County’s economy during the past year.
2010 Business Expansion Award – Watson Pharmaceuticals
Since its founding in 1984, Watson Pharmaceuticals Inc. has evolved to become one of the world’s leading and most respected integrated global pharmaceutical companies.
Today, Watson is engaged in the development, manufacturing, marketing, sale and distribution of generic, brand and biologic pharmaceutical products.
In 2010, Watson signed a 147,000-square-foot lease at the Class A 540,000-square-foot, Morris Corporate Center III (“MCC III”) with owner, TIAA-CREF.
MCC III’s ideal location, modern office space and amenities were well suited for Watson’s unique requirements of an easily accessible, headquarters-quality office location that can accommodate the company’s growing operations.
MCC III is part of a master-planned, high-end corporate office development on 182 acres that features fountains, pedestrian seating areas and walking/jogging trails, all surrounded by wooded grounds.
With its relocation to MCC III, Watson plans to expand by 300 jobs at its new administrative headquarters, resulting in a significant economic impact for New Jersey. The expansion will ultimately lead to approximately 500 employees working at the new office, with 100 workers employed during the office build-out.
Watson was approved for a Business Employment Incentive Program (BEIP) grant worth an estimated $7.3 million over 10 years from the state Economic Development Authority (EDA) to support its expansion.
The company also was approved for a $290,000 Business Retention and Relocation Assistance Grant (BRRAG) from the EDA to support the retention of over 200 jobs in the state. The BEIP program is available to businesses expanding or relocating their workforce in the Garden State.
Grants may be awarded for up to 10 years and can range between 10 percent and 80 percent of the total amount of state income taxes withheld by the company during the calendar year from the salaries of the new employees hired.
The BRRAG program helps companies preserve jobs, expand operations and reinvest in New Jersey. Under the program, businesses relocating operations within New Jersey and retaining jobs may be eligible for grants of up to $1,500 per job retained, payable as a tax credit against a company’s corporate tax liability.
2010 Real Estate Broker Awards
Thomas Mallaney, First Vice President, CB Richard Ellis leased 537,000 SF at 100 Jefferson Road, Parsippany, NJ to PNY Technologies resulting in the largest industrial/flex tenant represented real estate deal in Morris County. Mr. Mallaney is a 3rd time recipient of the award, having previously been recognized 1997 and 2007.
The Cushman & Wakefield team of Robert Donnelly Sr., Vice Chairman, Robert Donnelly Jr., Executive Director and Marc Rosenberg, Vice Chairman leased 325,000 SF at 100 Park Avenue, Florham Park, NJ to BASF Corporation resulting in the largest office tenant represented real estate deal in Morris County.