Intrasphere Technologies, Inc.
to Relocate to Jersey City
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Lt. Governor Kim Guadagno recently lauded Intrasphere Technologies, Inc. for choosing to relocate its headquarters to Jersey City when its New York City lease expires at the end of June 2010. The life sciences consulting firm plans to move 120 existing jobs to the Harborside Plaza 10 building and create 180 new jobs over the next two years.
"New Jersey is already recognized as the global epicenter of the pharmaceutical industry and we are thrilled that Intrasphere has decided to bring 300 new jobs into the state and join so many of the world's leading life sciences businesses that already call New Jersey home," Lt. Governor Guadagno said. "Governor Christie and I are continuing to focus on making New Jersey a home for growth by enhancing New Jersey's business climate, streamlining our regulatory process and advancing probusiness initiatives."
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Founded in 1996, Intrasphere provides comprehensive business services and software solutions to companies in the life sciences industry, addressing areas such as drug safety, clinical, regulatory, corporate information technology and business intelligence. Its client list includes many of the world's best-known life sciences companies. New Jersey is home to such well–known names as Bayer, Novartis, Bristol–Myers Squibb, Celgene, Johnson & Johnson, Merck, Pfizer, Roche and sanofi-aventis. In addition to its headquarters operations, Intrasphere has a location in London.
"New Jersey has made it clear to us that they are interested in our business, and in helping Intrasphere grow," said Samuel Goldman, co–founder and COO. "As a life sciences–focused company, it's encouraging to be in the same state that many of our clients call home. The fact that the lieutenant governor has reached out to us directly and has made her office accessible to us is proof positive that New Jersey is open for business."
In support of the move in February of this year, New Jersey awarded Intrasphere a Business Employment Incentive Program (BEIP) grant worth an estimated $12.4 million over 10 years. The grant was a material factor in its decision to move its corporate headquarters to New Jersey, the company said. Intrasphere expects to invest $965,000 in its relocation project.
Intrasphere is the second major pharmaceutical business recognized recently for its plans to grow in New Jersey. Watson Pharmaceuticals, Inc. was commended by state officials for announcing plans to expand its Parsippany headquarters and create up to 300 new jobs. Watson also received state incentives through the BEIP and Business Retention and Relocation Assistance Grant program to support its New Jersey expansion.
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Catapult Learning Decides to
Call Camden Home
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Catapult Learning, formerly Sylvan Education Solutions, is scheduled to move its corporate headquarters from Philadelphia to the Ferry Terminal Building in Camden this summer.
The national provider of educational services will receive a Business Employment Incentive Program (BEIP) grant from the New Jersey Economic Development Authority (EDA) to support the creation of 80 new jobs. The grant was considered a major factor in Catapult's decision to move its head office into the state.
BEIP grants are available to businesses expanding or relocating their workforce in the state. Grants may be awarded for up to 10 years and can range between 10 percent and 80 percent of the total amount of state income taxes withheld by the company during the calendar year from the salaries of the new employees hired.
Catapult employs 2,500 certified teachers and serves over 1,200 schools in 100 districts across the nation.
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Main Street Program Proves to be a Clean Deal for Small Business
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Fairfield-based Manhattan Maintenance Company, Inc., a provider of office and residential high–rise cleaning, commercial building system repairs and pharmaceutical clean room sterilization service throughout the tri-state region, closed a $600,000 loan with EDA preferred lender Provident Bank to meet its working capital and refinancing needs. Through the Main Street Business Assistance Program, the New Jersey Economic Development Authority (EDA) provided a $150,000 participation in the loan as well as a $50,000 guarantee of a $100,000 line of credit.
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L to R: Nestor Callejas, Adeline Barnes, Taryn J. Peppo,
TJ Barnes, Mari Mendez, and Tyrone Barnes (in the back)
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"The assistance through the EDA has allowed us to lower our monthly debt service by approximately 15 percent. And, the new capital will provide us with an opportunity to expand into a new niche business line, which we have modeled out to be extremely profitable," said company Vice President TJ Barnes.
A woman– and minority–owned small business, Manhattan Maintenance was founded 26 years ago by President and CEO Taryn J. Peppo. According to Barnes, 2009 produced the company's highest increase in year–over–year topline revenue growth in its history – approximately 46 percent. The company credits this to diversifying its client base to include the United States Government, Mercedes–Benz Fashion Week in Manhattan, the Prudential Center in Newark and several Fortune 100 companies that expanded the company's service area from New Jersey to the entire mid–Atlantic region.
The company expects to create 15 new jobs and maintain its staff of 61.
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Recent Transactions
Respond, Inc.
Camden
A $335,233 New Jersey Economic Development Authority (EDA) loan participation with Sun National Bank, an EDA preferred lender will allow the not-for-profit organization to establish a New Workers Job Development Center to provide automotive repair training and culinary arts training. The project is estimated to create 26 new employment opportunities.
M & A Holdings Co., LLC Camden
The steel processing and distribution center received a $500,000 term loan under the Main Street Business Assistance Program to help term out a portion of their credit line with their bank.
The Newark Museum Association
Newark
A loan via the Fund for Community Economic Development program in the amount of $50,000 will help the museum conduct a feasibility study for a self-funding art storage and shipping facility.
The Levoy Theatre Preservation Society, Inc. Millville
To rehabilitate the Levoy Theatre into a multifaceted, state–of–the–art performing arts center, a 50% guarantee of a $1.6 million bank loan under the Statewide Loan Pool program has been issued. The project will create five full-time positions, 10 part-time positions and 205 construction jobs.
Consider an Urban Location in NJ
There are many significant advantages of locating or expanding in a New Jersey urban area. Discover the financing and incentive programs available to businesses and not-for-profits.
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