California-based UNICOM Corp. has helped breathe new life into Readington and the state of New Jersey by agreeing to buy the Merck campus in the township.
The deal will finalize in October.
The move likely means thousands of high-paying jobs for the state, which rids itself of a so-called white elephant — the term for New Jersey’s many abandoned suburban office parks.
And it may have done so at no additional cost to the state in terms of revenue.
Two sources with knowledge of the situation said the company did not seek a Grow New Jersey award, which could have potentially saved the company millions in taxes.
It is uncertain if the company has worked out any other tax-incentive deals.
One expert, who spoke on condition of anonymity because they are not involved in the deal, said there are a few reasons why the company would have left millions on the table:
- The deal needed to close quickly, so there was no time to go through process;
- The deal was so good, and the property so unique, that its financials already topped other out-of-state potential sites.
Regardless, it appears the state may have landed a major move with the full net benefit.
Read more from ROI-NJ:
- For Readington mayor, sale of Merck campus will change fate (and face) of community
- Calif. company finalizes deal to buy former Merck HQ in Whitehouse Station