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Regulation and Compliance > State Regulation

Aetna to Move Headquarters to New York

By Allison Bell

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Aetna Inc. plans to move its corporate headquarters and about 250 jobs to a new building in New York by late 2018.

The company, which has been based in Hartford, Connecticut, since 1853, hopes to move its top executives into a new building at 61 Ninth Ave. in Manhattan, the company announced today.

Related: Aetna’s Headquarters May Leave Connecticut)

The building site is in New York’s Meatpacking District. It’s next to a big Apple store, across the street from the Chelsea Markets shopping center, and about half a block from a big Google office.

The building will cost about $89 million, according to the Empire State Development agency.

Empire State Development said it will provide tax credits with a total value of $24 million over 10 years.

The New York City Economic Development Corp. is providing a separate package of tax breaks with a total value of $9.6 million over 10 years.

Aetna acknowledged in May that it was thinking about moving its headquarters to Boston or New York, and the Boston Business Journal began reporting on the possibility of an Aetna relocation in January 2016.

Aetna now has about 6,000 employees in Connecticut, and most of them will continue to work in Connecticut, the company said.

“Aetna’s long-term commitment to Connecticut will be based on the state’s economic health,” Aetna said. “The company remains hopeful that lawmakers will come to an agreement that puts Connecticut on sound financial footing, and that the state will support needed reforms to make Hartford a vibrant city once again.”

Connecticut Gov. Dannel Malloy said in a statement that Aetna’s headquarters move shows why the Connecticut state government needs to find ways to reduce spending while investing in the revitalization of the state’s cities.

Hartford Mayor Luke Bronin also put out a statement calling for efforts to improve the state’s finances.

“I hope that, as a state, we can use the loss of Aetna’s flag as a rallying cry to put Connecticut on a sound fiscal path,” Bronin said.

— Check out Connecticut Governor Signs LTCI Rate, Disclosure Bills on ThinkAdvisor.

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