I had to read the news on WSJ twice before I actually digested the info. It looks like Starwood is going to relocate corporate headquarters from White Plains, NY to Stamford, CT. The WSJ article reports that Connecticut lured Starwood by offering government incentives worth up to roughly $90 million. After reporting losses after each quarter this year, those incentives were probably like sweet, sweet nectar.
Here’s some additional info from the online sources . . .
Starwood will move to Harbor Point, a large mixed-use real estate development under construction in Stamford’s south end, which is currently home to accounting firm Deloitte. The landlord, a local firm called Building & Land Technologies will shoulder some of the cost of the estimated $40 million renovation of the 250,000-square-foot space. Starwood said the move would save 20% annually in rent.
The relocation, slated to be completed in 2012, will bring an estimated 800 jobs to the state, Connecticut Governor Rell said. The incentives include a $9.5 million loan, as much as $5 million in sales tax relief and up to $75 million in tax credits.
“After an extensive search for new office space for our worldwide headquarters, it became clear that this particular space in Stamford was an ideal choice,” said Frits van Paasschen, president and CEO of Starwood. “Not only did the state of Connecticut provide meaningful incentives that translate to a savings of 20 percent per year in rent, but we will also have the opportunity to design office space that reflects Starwood’s leadership in global hospitality, design and brand-building, as well as our commitment to the environment and our communities.”

























