Subaru of America Seeks $180 Million in Tax Breaks to Relocate Headquarters to Camden
- Dec 11, 2014
By Veronica Grecu, Associate Editor
After almost three decades spent in the corporate headquarters in Cherry Hill, N.J., Subaru of America, Inc. has found a new home for its growing North American operations.
Just like the Philadelphia 76ers, who received $82 million in development incentives from the state of New Jersey this summer, the US arm of the Japanese carmaker Subaru is seeking nearly $118 million in tax breaks over the course of ten years to develop its new headquarters in Camden, just four miles from the company’s current home at 2235 Route 70 West in Cherry Hill.
According to an official statement, Subaru of America is looking to expand its footprint in North America by building an all-new facility that is part of an office park owned and developed by Campbell Soup Company, the largest and oldest business in Camden. The move is a natural result of the company’s tremendous growth and record sales over the past six years.
“We are very excited to be moving this project forward as we seek to bring all of our corporate employees together on one site, in a first class facility,” said Thomas J. Doll, president and chief operating officer of Subaru of America. “This move cements the long-term future of Subaru in the Delaware Valley and we are pleased that after more than 45 years here, we can plan to continue to be a part of the local community we have supported for so long,” he added.
The New Jersey Economic Development Authority (NJEDA) is expected to make a final decision on Subaru of America’s tax break application by April 2015. If successful, the company will team up with developer Brandywine Realty Trust to complete the 250,000 square feet facility that will be double the size of the offices in Cherry Hill. According to the press statement, Subaru of America’s new headquarters should become fully operational by the end of 2016 or in early 2017. The office building will house around 300 employees who will relocate from Cherry Hill, and 200 people from the company’s offices in Pennsauken, N.J. Additionally, Subaru of America plans to create another 100 jobs over the next decade.
Located in the Gateway District of Camden, Campbell’s 45-acre office park is being developed by Brandywine Realty Trust on and around the site of the demolished Sears Building at 1300 Admiral Wilson Boulevard—which Campbell purchased in June 2012 from owner Ilan Zaken for $3.5 million—and multiple adjacent parcels that the master developer acquired since then. Projected to revitalize the business sector in Camden, a former industrial city, the $132 million Gateway Office Park was designed by architecture firm Cooper, Robertson & Partners. With Campbell as anchor tenant, the office park is expected to attract several other businesses in Camden.
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Gateway Office Park plans via Campbell Soup Company