June 29, 2017
Albany, NY

Governor Cuomo Announces Aetna will Establish Corporate Headquarters in New York City

TOP Governor Cuomo Announces Aetna will Establish...

145,000 Square Foot Headquarters Will Create 250 Jobs

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Governor Andrew M. Cuomo today announced Aetna, a Fortune 50 health company, will establish its new corporate headquarters in New York City. The 145,000 square foot office space in Chelsea will add 250 well-paying jobs in New York State. Aetna is a leading diversified health care benefits company, serving nearly 45 million people. The company has a growing international business, which will benefit from the global access of a New York City headquarters.

"Aetna's decision to call New York home is another testament to the Empire State’s extraordinary economic momentum," Governor Cuomo said. "New York has a deep, diverse talent pool and pro-growth environment that businesses need to succeed, and today more companies are choosing New York to grow and diversify their business. By relocating to New York and bringing another 250 jobs to the state, Aetna is sending a clear signal that New York is open for business."

To encourage Aetna’s relocation to New York State, Empire State Development offered the company $24 million in performance-based tax credits delivered over 10 years. Over the next five years, Aetna will add 250 senior positions to the new headquarters at 61 Ninth Avenue in Chelsea and invest $84 million to fit out and equip the 145,000 square foot facility. Prior to their decision to relocate to New York, Aetna considered a number of other cities.

Aetna offers a broad range of traditional, voluntary and consumer-directed health insurance products and related services, including medical, pharmacy, dental, behavioral health, group life and disability plans, and medical management capabilities, Medicaid health care management services, workers' compensation administrative services and health information technology products and services. The company has a growing international business, which will benefit from the global access of a New York City headquarters.

Aetna’s headquarters in Chelsea is a natural extension of New York State’s position at the forefront of the life sciences industry. In the FY 2018 budget, New York State enacted a $620 million initiative to spur the growth of a world-class life science research cluster in New York, as well as expand the state’s ability to commercialize this research and grow the economy.

This multi-faceted initiative includes $100 million to expand the Excelsior Jobs Program Tax Credit to the life sciences industry, $100 million for a life sciences research and development refundable tax credit program, and $320 million in other forms of investment including state capital grants to support the development of wet-lab and innovation space, operating support and investment capital for early stage life science companies that leverages an additional match of at least $100 million from private sector.

Aetna Chairman and CEO Mark T. Bertolini said, "New York City is a knowledge economy hub, and a driver of the innovations that will play a significant part in our ongoing transformation. Many of the roles in our new office will be filled by innovators from the area’s deep talent pool, which will be an invaluable resource as we consider additional investments in the city going forward. I thank Governor Cuomo and his team for their partnership throughout this process."

Empire State Development President, CEO, and Commissioner Howard Zemsky said, “Aetna’s decision to move to New York is the latest proof of how our economic development strategies are not only working – they are creating an ideal environment for business to thrive and grow our workforce."

Senator Brad Hoylman said, "Aetna's relocation of its corporate worldwide headquarters in Chelsea will bring 250 jobs here and confirm New York as the leading home of the insurance industry. I commend Governor Cuomo and ESD for securing this major new investment from Aetna."

Assembly Member Deborah J. Glick said, "Home to a strong, diverse workforce, Lower Manhattan is pleased to welcome Aetna’s corporate headquarters and 250 new jobs. Establishing the Fortune 50 health company’s corporate headquarters in Lower Manhattan is exactly the kind of business growth and progress we continue to see all across New York. I appreciate the Governor and ESD’s steadfast efforts to attract and retain companies and jobs to the Empire State, and I wish the company many years of success here in New York."

"Manhattan is a global capital for both business and healthcare, and a fitting home for Aetna," said Manhattan Borough President Gale A. Brewer. "I'm excited to see this relocation will create new jobs, in addition to moving existing ones, and am looking forward to the new partnerships that will be made possible by Aetna's move to Manhattan."

"Aetna’s decision to set up their corporate headquarters in Manhattan confirms that New York City is a global leader in attracting the best and the brightest," New York City Council Member Corey Johnson said. "Working together with my colleagues across New York State government, we have successfully secured a future for this Fortune 50 health company right here in Chelsea. I thank the Governor for his commitment to fostering a competitive and diverse economy in New York City and across the State of New York."

New York is rapidly emerging as the nation’s leading hub for tech and innovation.  In January 2017, Spotify announced it will establish its U.S. headquarters at 4 World Trade Center and create over 1,000 new jobs. Last year, Snapchat reached an agreement with ESD for performance-based Excelsior Jobs Program refundable tax credits, in exchange for creating nearly 400 jobs and retaining 118 jobs in Manhattan. Also in 2016, designer eyewear maker Warby Parker announced that it would create 128 jobs in a new Rockland County optical lab and retain more than 250 jobs in New York City. Thanks to support from ESD, in the past few years alone, these companies and others have committed to creating and retaining thousands of jobs in New York State.

About Aetna
Aetna is one of the nation's leading diversified health care benefits companies, serving an estimated 44.9 million people with information and resources to help them make better informed decisions about their health care. Aetna offers a broad range of traditional, voluntary and consumer-directed health insurance products and related services, including medical, pharmacy, dental, behavioral health, group life and disability plans, and medical management capabilities, Medicaid health care management services, workers' compensation administrative services and health information technology products and services. Aetna's customers include employer groups, individuals, college students, part-time and hourly workers, health plans, health care providers, governmental units, government-sponsored plans, labor groups and expatriates. For more information, see www.aetna.com and learn about how Aetna is helping to build a healthier world. @AetnaNews.

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