Aetna Makes great on Plans to Pull HQ Out of Connecticut

Insurance company Leases 145,000 SF in NYC’s Meatpacking District in New Office complex by Vornado, Aurora Capital Scheduled for Conclusion in 2018

Following through on its strategies to take out of Connecticut, Aetna, Inc. will move its home office from its longtime Hartford place to Manhattan by late 2018.

The insurance coverage firm will transfer 250 headquarters jobs to a brand-new building at 61 Ninth Ave. in Manhattan’s Meatpacking District. It consented to occupy 145,000 square feet in the 167,170-square-foot office building slated for 2018 shipment by Aurora Capital Associate and Vornado Real estate Trust (NYSE: VNO). Terms of Aetna’s lease were not instantly readily available.

In revealing the move, Aetna included a parting shot at Connecticut legislators, saying, “Aetna’s long-lasting dedication to Connecticut will be based upon the state’s financial health. The company remains confident that lawmakers will come to an agreement that puts Connecticut on sound monetary footing which the state will support required reforms to make Hartford a vibrant city as soon as again.”

Just a month earlier, Aetna verified that the managed-care service provider was deep in talk with move corporate operations from Hartford, where its roots go back 200 years. Boston and New York City were said to be the front-runners, and on Thursday the business revealed the decision to relocate to the Huge Apple, “an understanding economy hub and a driver of the innovations that will play a significant part in our ongoing change,” stated Aetna Chairman and CEO Mark T. Bertolini.

In the meantime, numerous essential Aetna companies will remain primarily based in Hartford, while the customer health and services team will continue to operate out of Wellesley, MA. Nevertheless, Bertolini hinted that Aetna might double down on New York City, where it currently has a recognized existence, leveraging its deep talent swimming pool as “an important resource as we think about additional investments in the city moving forward.”

Empire State Advancement provided Aetna $24 million in performance-based tax credits over Ten Years to encourage the moving. Aetna will add 250 senior positions and invest $84 million to fit out and equip its brand-new headquarters structure, inning accordance with New york city Gov. Andrew M. Cuomo.

“New York has a deep, diverse talent swimming pool and pro-growth environment that companies have to succeed, and today more companies are choosing New york city to grow and diversify their business,” Cuomo stated.

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