Sharp’s former Mahwah building, at the intersection of Routes 17 and 287 near the New York State line, will be leased to Jaguar for its U.S. headquarters. Jaguar was awarded a 10-year, $28 million tax break to keep jobs in New Jersey. Jaguar has been on MacArthur Boulevard in Mahwah since 1990.
Sharp’s move from Mahwah had been expected, because last spring the state Economic Development Authority offered the company $6.9 million in tax credits to remain in New Jersey. Sharp said it also considered moving to space at the Pfizer campus in Pearl River, N.Y.
Sharp signed a 10-year lease for two floors at the Paragon Drive building and expects to renovate the space extensively for updated technology. The new building will house Sharp’s U.S. home appliance and consumer electronics division, and its copiers and professional displays division.
Sharp sold its Mahwah building for $38 million about 18 months ago, and leased it back. The Mahwah headquarters had been built in 1985 to house more than 600 employees.
Sharp’s new location is a 13-acre site in an office submarket that has seen vacancy rates soar in recent years. The grocery chain A&P moved out of a building at 2 Paragon Drive after declaring bankruptcy in July 2015. In addition, Mercedes Benz moved its U.S. headquarters to Atlanta, from a three-building, 37-acre Montvale campus in 2015. And Hertz had earlier moved its headquarters and about 650 employees from Park Ridge to Florida.
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