Nearly a month after being approved by the Economic Development Authority for a 10-year, $187.7 million Grow New Jersey award to expand its technology and operations hub in Jersey City, JP Morgan Chase has reportedly chosen to take advantage of the incentive offerings.According to a report from The Wall Street Journal, JP Morgan will relocate 2,150 jobs from New York to Jersey City, where it has already signed a lease for 400,000 square feet at 545 Washington Blvd.
JP Morgan also owns an adjacent building at 575 Washington Blvd. The company also secured a 10-year, $224 million Grow New jersey award to bolster that location by over 1,000 employees in May 2014.
The EDA has said JP Morgan’s latest Jersey City expansion will yield a net benefit back to the state of $666.5 million over 20 years. The company was said to be considering alternative sites in Delaware and Ohio, as well.
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