Pearson Expands Downtown, Consolidating Technology Jobs
Monday, September 19, 2011 - 03:12 PM
The education and publishing company Pearson is expanding its presence in New York City by bringing 600 jobs to a consolidated new office in western Soho by the summer of 2014.
The London-based global conglomerate owns the Financial Times Group and Penguin Group U.S., and already has offices in Manhattan. Will Ethridge, chief executive of Pearson North America, says the 600 positions will come through a combination of new and relocated jobs from Pearson's education division in Upper Saddle River, N.J., and from its office in White Plains, N.Y.
The state offered Pearson $9 million in tax credits and the city arranged $4.5 million in long-term energy savings through a program with Con Edison.
"In these tough economic times, we're doing everything we can to attract companies and private investment to the city," said Mayor Michael R. Bloomberg, at the announcement in the company's future office at 330 Hudson Street.
Pearson was recently awarded a $32 million, five-year contract by the state to provide all new tests for third through eighth graders.
The eight-story building in Soho is undergoing a $134 million renovation and expansion financed largely by Beacon Capital Partners, which is leasing the property from Trinity Church. Pearson will occupy 270,000 square feet of space, and is spending $21 million on the renovation. The company will also relocate jobs to Hoboken, N.J.
Mr. Ethridge said that more than 2,500 people will be working in a three-building campus on Hudson Street when the space is completed. Pearson recently purchased the education technology company Schoolnet, which helps school districts track student achievement. He called the Hudson Square neighborhood a vibrant area and said he would create a future technology center there.
The Bloomberg Administration has been promoting Hudson Square as a new media hub. It already is home to MTV, New York Magazine, the Guggenheim Foundation, Omnicom, Saatchi & Saatchi, Edelman and New York Public Radio, which comprises WNYC, WQXR and The Jerome L. Greene Performance Space.