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In our fourth annual top executive interview, KPMG’s relocation and expansion expert, Hartley Powell, reveals site selection trends and the truth about financial incentives.
When undertaking an expansion or relocation project, where you decide to locate and the facility you choose to locate in will have a tremendous impact on your company’s bottom line. With that in mind, finding the right commercial real estate broker for your next project is critical to your company’s success.
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Cleveland’s Teamwork Wins Over ViewRay In February, ViewRay Incorporated, a medical device manufacturer, announced that it will move its headquarters from Gainesville, FL to Cleveland, OH. The company will hire 25 professionals within the first year and will fill more than 90 positions within three years. According to ViewRay CEO William Wells, the company chose the Cleveland region after considering several bioscience hotbeds including Boston, MA; the Research Triangle Park in North Carolina; Atlanta, GA; and the Bay Area in Northern California. The company stated a key factor that led to its decision was the state of Ohio’s commitment to and infrastructure for supporting bioscience companies. Wells was also impressed with the team approach in both Cleveland and Ohio. “Lieutenant Governor Lee Fisher was instrumental in our decision making process,” Wells says. “The state’s commitment to the bioscience industry is encouraging and leads me to believe that our company will prosper here.” Wells also notes the unique opportunity to work with established engineering teams in medical imaging, world-class health institutions like the Cleveland Clinic, and the region’s cluster of start-up businesses as additional reasons for selecting the city. The Ohio Tax Credit Authority on Monday approved job creation tax credits for ViewRay estimated at $537,431 over 10 years to help the company move and equip its facility. “Ohio is making incredible strides in the biosciences, attracting companies like ViewRay that are pioneers in ground breaking products that will save lives and transform the industry,” says Fisher, who also serves as the director of the Ohio Department of Development. “This collaborative effort between Cuyahoga County, TeamNEO, BioOhio, BioEnterprise, and a number of our other partners highlights the region’s continuing commitment to growing this sector.” “As a team, they were comprehensively better than anyone that we talked to in the other states,” says Wells. According to ViewRay, which acquired $25 million from venture capitalists in January, its investors originally advised the company to move from Florida and to consider Cleveland for its headquarters. That Other Penn Station Chooses That Other Miami In March, Ohio-based restaurant chain, Penn Station, announced that it will begin building its new headquarters in Miami Township, OH this spring. The $1.5 million, 10,000-square-foot facility will be used by 14 current employees, including the company’s management team, and will provide enough space to hire an additional four employees in the future. The new facility will be located on 10 acres along US Highway 50. The company is considering creating a training restaurant on the property where it can train […]