Bernadette O'Leary (212) 312-3523(ECD)
MAYOR GIULIANI AND GOVERNOR PATAKI ANNOUNCE INTERNATIONAL BROKERAGE FIRM WILL MOVE BACK TO NEW YORK CITY FROM NEW JERSEY
Agreement Brings More Than 400 Jobs To New York
Mayor Rudolph W. Giuliani and Governor George E. Pataki announced today an agreement with Exco Plc., a leading international securities, capital and money markets company currently based at Exchange Place in Jersey City, to move its 219 employees from Jersey City to One World Trade Center in downtown Manhattan.
Exco moved to Exchange Place six years ago. In addition, the move back to Manhattan will keep the company's current 241 jobs in New York City. The company will vacate space at 199 Water Street and consolidate these 460 employees in 61,000-square-feet of space on the 25th and 26th floors of One World Trade Center.
In addition to the economic activity resulting from the agreement with Exco, the company is expected to generate $11.4 million in annual city taxes.
"The recruitment of Exco to New York City demonstrates once again that New York City is the financial capital of the world," said Mayor Giuliani. "For the first time in years, companies like Exco are realizing the advantages of doing business in New York City and are making sure they have a major presence here. This is a great day for the City, our reinvigorated business climate has won back Exco and its 460 jobs."
The City's agreement with Exco, negotiated through the New York City Economic Development Corporation (EDC), includes $3.9 million in real estate tax abatements. The State is also providing a $1 million grant for equipment, a $300,000 job training grant, an interest rate subsidy grant for $650,000 and $400,000 in sales tax abatements.
"This agreement proves that because of Mayor Giuliani's leadership, companies are now deciding to move into New York City instead of from it," said EDC President Charles Millard. "Exco's decision underscores the effectiveness of our efforts to maintain and attract companies and create jobs."
Charles A. Gargano, Chairman of the Empire State Development Corporation said, "Once again, Governor Pataki and Mayor Giuliani's commitment to make New York competitive is paying off. We welcome Exco back to New York, where it can grow and thrive in New York's business friendly environment."
Exco Plc. moved its subsidiary, Exco Noonan, to Jersey City in 1991 and kept another subsidiary, Exco RMJ, at its Lower Manhattan location. Since then, the company has recognized the advantages of having both divisions in a single New York City location.
"The heart of the financial district of Manhattan provides an ideal location for our integrated operation in close proximity to most of our customers," said Exco Chairman and Chief Executive Officer Peter Edge. "The move will benefit our staff, our businesses and New York City."
EDC's Business Recruitment Division, established by Mayor Giuliani in 1996, is charged with promoting the competitive advantages of New York City to businesses considering relocating or consolidating in one of the five boroughs. Including this agreement, the City has directly recruited 10 companies for a total of over 1,200 jobs.
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