Business & Tech

Realogy to Relocate Headquarters and 950 Jobs to Madison

Real estate specialist moving to former Verizon building.

Realogy Corp., a provider of real estate and relocation services, today announced plans to move its corporate headquarters to Park Avenue in Madison.

The move to the former Verizon building now under redevelopment at 175 Park Ave., is expected to occur during late 2012 or early 2013, Parsippany-based Realogy said in a statement.

"We are pleased to make this long-term commitment to stay in New Jersey, and we thank Gov. [Chris] Christie, Lt. Gov. [Kim] Guadagno and their administration for accommodating our long-term needs," said Richard A. Smith, president and CEO of Realogy, in the release. "Madison is going to be a terrific headquarters location for us, and 175 Park Avenue is very near to the geographic epicenter of our employee population. Most important, on an annual basis the base rent for the new facility will cost us about 25% less than our current facility, and the new headquarters will better serve our short- and long-term facility needs."

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The company did not disclose rent figures in its release.

"We have been working very closely to not only market the property but to be sure that there would be quality construction," said Mayor Mary-Anna Holden in an email to Patch. "Hampshire Group is re-defining the meaning of Class A office space. I am sure our reliable electrical department combined with wonderful access to transportation was, in part, responsible for this favorable decision."

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The new facility will house all current Realogy corporate headquarters location employees, including the Realogy Franchise Group and its franchise brands  Better Homes and Gardens Real Estate, Century 21, Coldwell Banker, Coldwell Banker Commercial, ERA and Sotheby's International Realty. Madison will also host the home office of Realogy's brokerage subsidiary, NRT, as well as NRT's Eastern Seaboard Support Center and its local brokerage, Coldwell Banker Residential Brokerage in New Jersey and Rockland County, N.Y.

Realogy was ranked No. 2 on a recent NJBIZ Top 100 List of Private Employers in New Jersey, and had considered several other relocation options, including out of state. Smith said that business incentives from the New Jersey Economic Development Authority, along with the New Jersey Business Action Center's efforts, were a significant factor in Realogy's decision to remain in state.

"Since taking office, retaining and attracting top-quality businesses to the state of New Jersey has been a key part of our administration's pro-growth agenda," said Lt. Gov. Guadagno, who oversees economic development efforts for the Christie Administration. "We are pleased that Realogy has made a commitment to keep more than 950 jobs at its new headquarters and other locations throughout the state. This sends a strong message that the New Jersey comeback has begun."

Realogy, which has signed a 17-year lease, will be the sole tenant at 175 Park Ave. The structure on the 15-acre site is currently being transformed into a 270,000 square-foot state-of-the-art facility by The Hampshire Companies of Morristown. It will be LEED Silver Certified by the U.S. Green Building Council.

Realogy was represented in this transaction by Global Client Solutions LLC, a Realogy subsidiary. Realogy is owned by Apollo Global Management, LLC.


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