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CarolinaDaydreamin

Honeywell HQ to Charlotte!

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Honeywell just moved into a brand new headquarters building in New Jersey in 2015. Surprised they want to move again so soon.

 

https://www.honeywell.com/newsroom/news/2015/11/honeywell-celebrates-new-global-headquarters-during-ribbon-cutting-ceremony#collapse-1e7413a9-a582-441e-b9da-b3345c3aafd8

Edited by norm21499

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6 minutes ago, AirNostrumMAD said:

Hopefully some of y’all tamper down with losing Bernstein now. And other things. 

At the end of the day, we can’t win them all. But we do have our own fair share of sexy victories. 

This certainly diversifies the HQs too. I see a lot more growth with a conglomerate, who can grow internally once they get settled in, but also distributors and partners moving close-by, than say an Alliance Bernstein. 

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1 hour ago, Missmylab4 said:

The rumor I heard was remaining Legacy Onion space. Not sure that is correct though, I hope for Spectrum South End and naming rights. 

Could be temporarily in the lower levels of Legacy 1 but then move to their own branded tower Legacy 2 in a few years since it is all the same tower.  There is over 200K of space in BOAT at Legacy tower. 

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The sources all say they’re looking at Ballantyne or SouthPark.

Nice to see Charlotte back up to 7 F500 companies, which places us back in the top ten cities with the most. Also great news for NC in general, 2 F500 company relocations on the same day. 

Edited by TheOneRJ
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Capital tower three is a good candidate. I have no sources but wouldn't it make a lot more sense for a fourtune 100 company to want to be in the middle of the city center instead of a submarket?

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8 hours ago, Nick2 said:

Capital tower three is a good candidate. I have no sources but wouldn't it make a lot more sense for a fourtune 100 company to want to be in the middle of the city center instead of a submarket?

I have pegged Lendingtree for Capitol Tower 3 and like you said a Fortune 100  probably wants a prominent location either uptown or maybe Southend. 

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Anybody known when the official announcement will be made?

Edit: Nevermind, I see the pres conference just happened. 

Edited by CLT2014

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So New Jersey gave them $40 million in incentives back in 2015 to stay put and they moved anyway. Big companies are playing musical chairs with cities and will keep coming back for more $ to stay put. I would not be shocked if they are only here for 10 years or so before another city tries to lures them away. I'm not sour on this obviously, but hate to see how large companies are behaving like sports teams these days.  

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Honeywell was unhappy with NJ for some time prior to 2014/2015 when they 'got' the 40 million.  This was spread out over many years as well and since they are leaving before the end of that agreement they certainly wont be getting that full number.  I have no idea about claw backs in NJ for what they did receive in 3/4 years 

I think what they did was they were still trying to figure out what made the most sense for them.  Had a very outdated facility moved couple miles down the road and negotiated. knowing  full well they still wanted to move, but needed 3-5 more years for their business reasons.

I don't think they are playing city hopscotch and will be here in CLT for a long long time.

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1 hour ago, 49er said:

So New Jersey gave them $40 million in incentives back in 2015 to stay put and they moved anyway. Big companies are playing musical chairs with cities and will keep coming back for more $ to stay put. I would not be shocked if they are only here for 10 years or so before another city tries to lures them away. I'm not sour on this obviously, but hate to see how large companies are behaving like sports teams these days.  

Since that deal in 2015, New Jersey tax policy has changed hitting the pockets of the wealthiest at Honeywell and the corporate tax rate increased. In addition, the extremely suburban NJ location isn't ideal for attracting recent college graduates. Charlotte appeals to younger people who can live in South End, Uptown, etc..., while offering the suburban lifestyle for the employees with families as well all in proximity to the office. 

NJ Tax Changes: "As part of the agreement, the top income tax bracket has been increased from 8.97 percent to 10.75 percent on income above $5 million. Businesses earning more than $1 million will also now pay a higher corporate tax rate for the next four years. For the first two years (starting retroactive to January 1, 2018) they will be taxed at 11.5 percent, and at 10.5 percent for the remaining two years, up from the 9 percent current rate."

"The state will now tax businesses at the second highest corporate tax rate in the country. "

https://taxfoundation.org/individual-income-tax-corporate-tax-hike-new-jersey/

Edited by CLT2014
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All of the New Office Construction planned and underway is fantastic.  I would imagine that Honeywell is not going to LU2 but probably Spectrum Southend.  Southend right now seems like it can definitely support Speculative construction right now.

Ballantyne & Southpark seem to be more measured or have specific companies in mind.

Either way - I hope Charlotte continues to have such good job growth and available office space.

Edited by Hushpuppy321
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