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At its March 12 meeting, the New Jersey Economic Development Authority (NJEDA) board approved Aspire tax credits for H-2, the second building at the forthcoming HELIX in New Brunswick, which will house Nokia Bell Labs.

As NJBIZ has reported, the New Jersey Health + Life Sciences Exchange is one of the state’s most exciting and ambitious projects. The construction of H-1 continues to make progress, slated for completion this year.

The groundbreaking for H-2 is also slated for 2025. That project anticipates completing the 10-story, 350,000-square-foot facility by the beginning of 2028.

Key features of H-2 include:

• Nokia Bell Labs will serve as the main tenant
• Will house a recently announced Strategic Innovation Center consisting of the NJ Nokia Bell Labs Innovation Center and Bell Labs Venture Studio
• Will establish a research and development facility comprised of chemistry and biology laboratories, data centers, 3D printing areas, machine shops, office space and conference rooms
• A main lobby featuring a technology showcase and coffee shop as well as access to the Paseo, the Robert Wood Johnson University Hospital District, the New Brunswick train station and the Government and Arts District in downtown New Brunswick
• SJP Properties serves as lead developer of H-2

The NJEDA board approved Aspire tax credits of up to 80% of the eligible project cost – not to exceed $103.9 million.

An innovation economy cornerstone

Gov. Phil Murphy said that this approval serves as another milestone in his administration’s mission to cement the Garden State as a national leader in innovation. Meanwhile, also helping to strengthen the New Brunswick community and creating long-term economic growth across the state.

“Through the partnership of major institutions, like Nokia Bell Labs, the HELIX will support the creation of advanced technologies and allow startups to scale their business and commercialize lifechanging inventions,” said Murphy.

NJEDA Chief Executive Officer Tim Sullivan echoed those sentiments. He stressed that the HELIX serves a cornerstone of the governor’s vision to supercharge the state’s economy and retain our legacy as leader in innovation.

“The Aspire Program fuels catalytic development projects that transform communities into dynamic, transit-oriented hubs, ideal for living, working, and doing business,” said Sullivan. “With today’s Aspire award, Nokia Bell Labs addition to the HELIX will further support New Brunswick’s innovation ecosystem by creating cutting-edge technology, high-quality jobs, and long-term economic growth that will benefit generations of New Jerseyans.”

‘Another transformative step’

“We are thrilled that the NJEDA Board has approved the Aspire tax credits for the second phase of the HELIX project. New Jersey has long been a significant hub for innovation, and this significant achievement would not have been possible without the unwavering support from Gov. Murphy and the NJEDA through the Aspire Program,” said Nokia Chief Strategy and Technology Officer Nishant Batra. “This state-of-the-art facility will not only enhance our research and development capabilities, but will also drive the creation of cutting-edge technology, generate new jobs, and stimulate long-term economic growth in the state through the NJ Nokia Innovation Center and the Bell Labs Venture Studio.”

Leaders and lawmakers applauded the news, stressing the project’s potential.

“This investment in New Brunswick’s HELIX campus is another example of how New Jersey is solidifying its position as a national leader in life sciences and technological innovation” said Assembly Speaker Craig Coughlin, D-19th District.

“The approval of Aspire tax credits for H-2 marks another transformative step in New Brunswick’s evolution as a hub for cutting-edge research, innovation, and economic growth,” said New Brunswick Mayor Jim Cahill. “Nokia Bell Labs’ decision to establish its headquarters in New Brunswick is a tremendous opportunity that will further enhance our city’s role as a leader in technological advancement.”