Newell Brands Moving Corporate HQ to Hoboken, Will Get $27M Tax Break

Hoboken, NJ – The parent company of Elmer’s glue, Sharpie, Rubbermaid and Rawlings is coming to Hoboken.

Last week, Newell Brands announced plans to establish its new global headquarters at Waterfront Corporate Center III, bringing the $16 billion consumer goods company’s massive presence to the Mile Square City.

A build out of the company’s new facility is expected to be ready for occupancy in the fall of 2016, according to a company news release.

The company stated that it will continue to maintain its current business hubs in Atlanta, Boca Raton and Norwalk, as well as its design center in Kalamazoo, Michigan.

According to its corporate website, Newell Brands maintains a portfolio of brands including Paper Mate, Sharpie, Dymo, EXPO, Parker, Elmer’s, Coleman, Jostens, Marmot, Rawlings, Irwin, Lenox, Oster, Sunbeam, FoodSaver, Mr. Coffee, Rubbermaid Commercial Products, Graco, Baby Jogger, NUK, Calphalon, Rubbermaid, Contigo, First Alert, Waddington and Yankee Candle.

“Our new headquarters will serve as an important business hub for our executive team, certain corporate functions and the company’s Transformation Office,” Newell Brands Chief Executive Officer Michael Polk stated. “It will also enable us to continue expanding our global e-commerce and design teams.”

The building's owner, SJP Properties, announced that the new lease will bring the property to full occupancy.

CBRE Group acted as brokers for the deal, according to a news release.

TAX BREAKS

The New Jersey Economic Development Authority (NJEDA) has approved $27 million in tax incentives for the project over a 10-year period, which will “help offset the costs associated with the new facility,” company officials stated.

It’s not the first time that the NJEDA has issued a tax break to bring a large company to Hoboken’s waterfront.

In March of 2015, the NJEDA approved an $83 million tax break to bring Pearson Education to the Waterfront Corporate Center on River Street.

• See related article: Activists to Protest $83 Million Tax Break for Pearson Education

In addition to Newell Brands, Waterfront Corporate Center’s tenant roster includes Jet.com, NICE Systems, Marsh & McLennan, Thomson Reuters, RMS, Octapharma, Pearson Education and workspace provider Regus.

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Photo: Hoboken Waterfront III, via Beckerman