Financial firm moves 1,000 jobs from Jersey City to Newark

By Steve Strunsky | NJ Advance Media for NJ.com
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on March 01, 2017

1,000 employees of Broadridge Financial Solutions will move to 2 Gateway Center in Newark, from 2 Journal Square Plaza in Jersey City, company officials said.

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NEWARK -- A global company that provides technical support for financial firms is moving 1,000 employees into Newark's Gateway Center complex from its current location in Jersey City, company officials said.

Broadridge Financial Solutions signed a 15-year lease on a 160,000-square-foot space at the 2 Gateway Center office tower, according to Broadridge's new landlord, C&K Properties, which operates 2 Gateway.

According to its website, Broadridge provides technical services for financial institutions and investors, including electronic proxy voting, with a workforce of 10,000 employees in 16 countries worldwide. Its services also include "communications, technology, managed services, data and analytics solutions to financial firms in capital markets, wealth management, asset management and corporate issuers across multiple industries," Broadridge states.

Other than the 15-year period, the terms of the lease were not disclosed.

A spokeswoman for C&K, Ashlee Blum, said Broadridge would be occupying space vacated mainly by the Port Authority of New York and New Jersey about a year ago, following the agency's re-consolidation at the World Trade Center site of offices scattered by 9/11. 

Broadridge is a 2007 spinoff of Automatic Data Processing, or ADP, the payroll and business services firm that had been led by the late U.S. Sen. Frank Lautenberg before he became a senator. Until now, Broadridge has occupied space at 2 Journal Square Plaza, also known as the ADP Building, in Jersey City.

While Newark has remained New Jersey's largest city by population, in recent decades, Jersey City has led its slight larger neighbor to the west in terms of job growth, particularly in the financial industry, with its close proximity to Manhattan just across the Hudson River. And while the Journal Square neighborhood is well off the waterfront, it also offers mass transit access to Manhattan via the Journal Square PATH station.

But the Gateway complex also has access to PATH trains, as well as NJ Transit and Amtrak service, via the nearby Newark Penn Station.

And in this case, Jersey City's loss appears to be Newark's gain.

Broadridge's move was applauded by Newark Mayor Ras Baraka.

"The fact that Broadridge Financial Services has chosen to put down roots in Newark and bring 1,000 jobs here is yet more evidence of Newark's growing attraction as an exciting and affordable place for business," Baraka said in a statement on Wednesday. "The Broadridge move to Newark underscores our resurgence and transformation."

A spokeswoman for Jersey City Mayor Steven Fulop had no immediate comment on the move.

It was unclear what would become of Broadridge's old space at 2 Journal Square Plaza.

According to a 2011 story in Real Estate Weekly, the property was sold by Hartz Mountain Industries for $78 million to a pair of Israel-based companies, Phoenix Insurance and Menora Mivtachim Insurance. Officials at Hartz and the two insurance firms did not respond to requests for comment.

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