Swiss-based Roche Group, an international leader in biosciences, will invest $13 million to establish its Translational Clinical Research Center in New York City, with estimates of creating 235 new jobs by 2018 on the east side of Manhattan.
Roche will serve as an anchor tenant to encourage construction of the second tower at the 1.1 million acre East River Science Park, Governor Andrew Cuomo's Office said.
"The progress we are making in our state is resonating around the globe, bringing new industries and businesses to New York and creating more and more jobs." Governor Cuomo said. "Today's announcement demonstrates that the New New York is truly working for business. The cutting-edge clinical research center, at the East River Science Park facility that this investment will support, will bring hundreds of new R&D jobs, as well as help New York maintain its position as a leading hub of high-tech innovation. This is the type of partnership with the private sector is transforming New York's economy into a world-class job incubator for the 21st century."
Mike Burgess, M.D., Acting Global Head, Roche Pharma Research and Early Development, said, "We are very pleased with the selection of the Alexandria Center as this will be a strategically important site for Roche. We looked at several great properties in New York and New Jersey and selected the Alexandria Center for its unique location as well as the dynamic, vibrant and thriving scientific atmosphere it offers. For Roche research, having the TCRC located in the Alexandria Center will be a critical element in helping us maintain the high caliber of scientific excellence within Roche, carry out our long-term strategic research vision, tap into scientific expertise, and find new and innovative ways to move the drug development process forward."
As an incentive to support this major expansion, Empire State Development will provide Roche with $6.6 million in tax credits from the Excelsior Jobs Program. Under the terms of the agreement, Roche will invest $13 million for the renovation and equipping of the commercial space to accommodate the development of the Translational Clinical Research Center facility and employ 235 new employees by June 2018. This is in addition to the investment by Alexandria Real Estate to build the West Tower which will ultimately house other science companies.