Haier Group, the Chinese appliance maker, is moving its U.S. headquarters to Wayne from New York City, bringing with it at least 500 jobs and the intention to grow, a brokerage firm involved with the deal said today.
The Haier America subsidiary signed a 13-year, 58,000-square-foot lease at 1800 Valley Road in the Passaic County township, Newmark Grubb Knight Frank announced. The move is expected to happen by the second quarter of 2014, following a series of building improvements by landlord BET Investments.
David Simson, a Newmark vice chairman and head of its New Jersey operation, said Haier made the move to "offer people the ability to have a better quality of life." Many of its employees already live in the suburbs and commute to Manhattan, he said.
"They felt that the lifestyle in New Jersey was — long term — more appealing to the vision of the current employees and the future ones that they want to hire," said Simson, who represented Haier with Trevor Patterson, an associate director with Newmark.
The company is crossing the Hudson without the help of financial incentives from New Jersey, which have become commonplace in state-to-state moves. Its current headquarters is at 1356 Broadway, in Manhattan, a landmark bank building constructed 90 years ago.
Haier, which makes everything from flat-screen televisions to beer kegerators, touted global revenue of nearly $26 billion last year, according to its website. The company distributes products in more than 100 countries.
Simson said Haier will bring 500 to 600 employees to its new headquarters in Wayne, which will be housed in a freestanding, 2 million-square-foot office park that's also home to Valley National Bank, Toys R Us and other companies.
Cushman & Wakefield executive director David Stifelman represented BET Investments in the transaction.