LG Electronics has completed the acquisition of a 27-acre property in Englewood Cliffs. Terms were not disclosed.
The property at 111 Sylvan Ave. houses a 400,000-square-foot, three-story office building occupied by Citigroup, Inc. The financial firm is expected to lease the building from LG through spring 2011.
Joseph C. Parisi, Jr., Mayor of Englewood Cliffs, said, “LG Electronics has been a good corporate citizen of Englewood Cliffs for 25 years. I look forward to assisting the company as it explores opportunities for future growth here.”
While there are no immediate plans for the Bergen County property, the site offers expansion opportunities for LG’s U.S. headquarters operations. Subject to various negotiations, as well as local, county and state approvals, the company could begin construction activities at this location within two years.
In addition to working with borough officials on zoning issues, LG said it plans to seek state incentives that would be necessary to support the company’s future growth objectives.
“LG is continuing to invest in the future. Whether we build in Englewood Cliffs or elsewhere, our long-term goal is to create further workplace efficiencies, while enhancing our culture of innovation and collaboration,” said Wayne Park, president, LG Electronics USA, Inc.
LG, which currently employs more than 800 employees in the Tri-State area, occupies 137,000 square feet of office space in three buildings, including the current U.S. headquarters building located at 1000 Sylvan Ave., Englewood Cliffs.
About LG Electronics USA
LG Electronics USA, Inc., based in Englewood Cliffs, N.J., is the North American subsidiary of LG Electronics, Inc., a global force and innovator in consumer electronics, home appliances and mobile communications. In the United States, LG Electronics sells a range of stylish and innovative home entertainment products, mobile phones, home appliances, commercial displays, air conditioning systems and solar energy solutions, all under LG’s “Life’s Good” marketing theme. For more information, please visit www.LGusa.com.
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