New Legislation Keeps Advisory Board in D.C.
- Sep 25, 2015
A big local employee will remain in Washington, D.C., thanks to new legislation unveiled last week. As part of her commitment to create pathways to the middle class for the District’s residents, Mayor Muriel Bowser unveiled legislation that will create 1,000 new jobs as well as providing incentive for the largest technology company in the city to remain in its headquarters.
The innovative “Local Jobs Tax Incentive Act of 2015” will provide a performance-based property tax abatement of as much as $6 million per year for a 10-year period to The Advisory Board Co., a company with 3,400 employees in the District. As part of the agreement, The Advisory Board Co. will keep its headquarters in the city and hire an additional 1,000 people between the time of lease execution and the end of the incentive period in 2030.
“The District’s record of attracting and retaining companies shows that we mean business,” Mayor Bowser said in a statement. “Keeping an influential company like The Advisory Board Co. in Washington, D.C., is a testament to the attractiveness of our market, our competitive strength and our laser focus to hire District residents and keep jobs right here in D.C. This is a big win for our city.”
The Advisory Board Co. is a global research, consulting and technology firm. As part of the deal with the city, it will sign a 16-year lease for a new headquarters building at 655 New York Ave., N.W. Thirty-five percent of tenant improvement construction costs for the new space will go to Certified Business Enterprises.
“We are excited to continue our longstanding relationship with the District as a partner in expanding growth and opportunity. The Advisory Board Co. was founded here, and D.C. has been our home for over 35 years,” added its CEO, Robert Musslewhite. “We are grateful for the Mayor’s efforts to make D.C. a compelling place for technology companies to grow and thrive, and for her work to ensure that we remain a part of this community. We look forward to providing significant new job and training opportunities for D.C. residents and will continue to support the area through our award-winning community service program.”
The new legislation is expected to bring more than $300 million in net tax revenues to the city over the 10-year period.
Photo credit: Muriel Bowser – LinkedIn