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Case study

BNY Mellon

Project Overview

Bank of New York (BNY) Mellon had multiple near-term lease expirations across three states, requiring review of a wide range of location options to consolidate operations and reduce costs.

Other states offered significant "new job" incentives to attract BNY Mellon, but New Jersey was ill-equipped to save its existing jobs. BLS & Co. initiated a campaign to create a new "retention" incentive for New Jersey, beginning with a "white paper" on its policy merits, and organized a coalition of business and government leaders to promote the new legislation.

The new program - Business Retention & Relocation Grant (BRRAG) - provided transferable tax credits for large projects, and premium incentives for projects relocating to urban centers.  The legislature adopted BRRAG in time for BNY Mellon's location decision.


  • 900 jobs to Jersey City

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