Starwood will be moving its headquarters from White Plains, New York, to Stamford, Connecticut, in January 2012, according to the office of Connecticut governor M. Jodi Rell. The hotel conglomerate plans to invest $40 million—and aims for LEED certification—in renovating existing space at the waterfront Harbor Point development, home to major employers such as Pitney Bowes and Deloitte & Touche.
In a statement, Starwood president and CEO Frits van Paasschen cites cost savings and the environment as reasons for the relocation. "Not only did the State of Connecticut provide meaningful incentives that translate to a savings of 20 percent per year in rent, but we will also have the opportunity to design office space that reflects Starwood’s leadership in global hospitality, design, and brand-building, as well as our commitment to the environment and our communities," he says.
The "meaningful incentives" include a $9.5 million loan from the Department of Economic and Community Development and up to $75 million in tax credits. In addition, Starwood expects to receive up to $5 million in sales tax exemptions on building materials through the Connecticut Development Authority.
