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Business Services Industry

Incentive programs attract print giant

Real Estate Weekly, March 9, 2005

Economic Development Corporation (EDC) President Andrew M. Alper and Empire State Development (ESD) Chairman Charles A. Gargano announced that Bowne & Co. has made a major commitment to Lower Manhattan by agreeing to move 424 employees to 55 Water Street.

Founded in Lower Manhattan in 1775, Bowne is returning downtown with the assistance of a grant through the Job Creation and Retention Program (JCRP) for relocating in Lower Manhattan and committing to retain employees in New York City.

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"Bowne's commitment to Lower Manhattan provides a major boost to the local economy, with the addition of more than 400 jobs to the area," said EDC President Alper. "It also represents the latest in a series of relocations to Lower Manhattan by companies from a wide array of industries. I am pleased we could facilitate Bowne's return Downtown through the JCRP Program and help strengthen and diversify Lower Manhattan's economy."

Bowne, the oldest listed company on the New York Stock Exchange, will move 424 employees from its location at 345 Hudson Street. The company plans to retain 560 jobs in total in New York City, including 120 at its location on West 31st Street and 16 employees currently at 2 Rector Street.

"Working in partnership with the City, we continue to attract and retain vital businesses in Lower Manhattan," ESC Chairman Gargano said. "Together we have used our resources to help create and retain nearly 74,000 jobs downtown. Our rebuilding and economic recovery efforts for Lower Manhattan have been unprecedented, and I congratulate Bowne & Co. on its decision to return Downtown."

As the world's largest financial printer, Bowne offers an array of transactional and compliance-related services to create, manage, translate and distribute' documents.

Philip E. Kucera, Bowne's Chief Executive Officer, said, "We are delighted to be able to help the downtown area, while also providing our clients with a state-of-the-art facility."

Bowne will receive about $1.6 million in JCRP funds. Since September 11th, 2001, EDC and ESD have approved about $286 million in JCRP grants to 74 companies to assist in the economic recovery of Lower Manhattan. The Program has helped retain and create more than 81,000 jobs in New York City. Of this total, 67,000 jobs have been retained and 5,900 jobs will be created in Lower Manhattan. In addition, nearly 9,000 New York City jobs will be retained outside Lower Manhattan.

JCRP is designed to stabilize the job base in Lower Manhattan.

Business Services Industry

Incentive programs attract print giant

Real Estate Weekly, March 9, 2005

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