- LG Electronics broke ground Monday on its new $300 million North American headquarters in Englewood Cliffs, NJ.
- The multi-level, 350,000-square-foot complex is designed for sustainability and will pursue LEED Gold certification. LG will put particular emphasis on features that reduce the headquarters' visual impact and maintain views of the Palisades.
- LG said the new headquarters will generate $26 billion annually for the area and will create 2,000 construction jobs, as well as 1,000 permanent jobs at LG once the project is complete in 2019.
LG is bucking a current trend by not moving toward an urban center. The decision to stay in Englewood Cliffs likely indicates the local worker pipeline there is adequate. However, this is not the case for many other large corporations.
Last year, for example, GE left its long-time home in Fairfield, CT, to build a new headquarters in Boston. Part renovation and part new construction, the $200 million, 400,000-square-foot project should be complete in 2018 and will provide space for 800 GE employees. One of the draws in that move is a promise from the city of Boston to provide $150 million in tax incentives.
Caterpillar is also heading to a big city after spending almost 100 years in a more rural town. Citing a lack of younger works and access to global transit systems, the company announced earlier this year that its global headquarters will more from Peoria, IL, to the Chicago area. Caterpillar's move is an example of companies trying to boost their access to young, talented workers living in urban areas. Walkable neighborhoods and an urban core are big benefits for the younger workforce, and companies are adjusting everything from their physical location to office layout in order to remain competitive.