Thomson Reuters to move 450 staff to Hoboken

The company already has about 22,000 square feet of office space at Waterfront Corporate Center II (photo). It has signed a 10-year lease for an additional 72,000, for a total of 93,000 square feet, Peter Bronsnick, senior vice president of SJP Properties, said on Thursday. The additional space will house the employees, most from Thomson Reuters’ tax and accounting unit, who are relocating from New York City.

Thomson Reuters currently has 183 employees on the part of the penthouse floor that it leases at 121 River Street within SJP’s Waterfront Corporate Center. It will now also be leasing two full floors in the building, Bronsnick said.

Thomson Reuters had considered moving employees from New York to Carrollton, Texas, which is the headquarters of its tax and accounting unit, according to the New Jersey Economic Development Authority.

Under its Grow New Jersey assistance program, the EDA awarded Thomson Reuters $26 million in tax incentives. The Authority estimated that the company’s Hoboken expansion will have a net benefit to the local and state economies of $123 million over a 20-year period.

SJP will oversee the build-out of Thomson Reuters’ expansion space, with the company expected to take occupancy during the third quarter. ■