AllianceBernstein

Situation

A leading global investment-management and research firm with existing New York operations was evaluating the opportunity to achieve operational cost savings by relocating its Manhattan headquarters to the Southeast – including over 1,000 highly-paid positions paying average annual wages equal to $200,000.

Outcome

Newmark evaluated 24 communities across 16 states to identify a shortlist of locations that aligned with company needs, culture and preferences. Ultimately, Newmark identified a location that achieved the desired cost savings. Newmark negotiated and secured $87.5 million in total benefits including $24.5 million in cash grants from the state and local municipality and $63 million in franchise tax savings as a result of new tax legislation Newmark worked with the State to pass and implement.