NEWARK--Mayor Cory A. Booker was joined today by Deputy Mayor for Economic Development Stefan Pryor, Brick City Development Corporation CEO Joseph F. Ritchie, and Standard Chartered Bank CEO, Americas, David Stileman at a ribbon-cutting ceremony to commemorate the opening of a new services facility by the Bank in the City of Newark’s downtown district.
Standard Chartered Bank will house a services facility with over 300 non-client facing staff in Newark’s downtown business district. This new services facility will support Standard Chartered’s Manhattan headquarters. The Bank has committed to staying in Newark for the next 10 years, having designated a 45,000-sf space at 2 Gateway Center.
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 (NJEDA) approved the bank’s application for the Business Employment Incentive Program (BEIP) earlier this year.
Brick City Development Corporation (BCDC) worked closely with representing brokers, NJEDA, 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.
City of Newark
www.ci.newark.nj.us
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