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New York

Ernst & Young mulls move to Hoboken waterfront

Firm may leave 5 Times Square to take 170,000 sf at 121 River Street

From left: 5 Times Square and 121 River Street in Hoboken
From left: 5 Times Square and 121 River Street in Hoboken

Ernst & Young may be swapping part of its Times Square digs for a new spot across the Hudson River.

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The accounting firm, known now simply as EY, is considering a move to SJP Properties’ 121 River Street in Hoboken, where it could shift as much as 170,000 square feet from its 5 Times Square location, Crain’s reported. The company currently leases 1 million square feet from David Werner in Times Square, but has acknowledged that it is shopping around for new locations. EY’s lease at Times Square expires in 2022, but the firm is expected to also start exploring new offices in Lower Manhattan starting next year. CBRE is representing EY as it searches for new offices.

For some time now New Jersey’s waterfront has lured tenants with lucrative tax credits. Under one abatement program, The New Jersey Grow Program, companies can receive up to $15,000 per employee that they move into the state. JPMorgan Chase moved to Jersey City in 2014 and received $22.5 million in annual tax breaks. In June, The Real Deal dove into the Gold Coast’s residential and office markets in its New Jersey Market Report. [Crain’s] — Kathryn Brenzel