Prince George’s County and the Maryland Department of Commerce partnered to offer 2U, an educational technology firm, a package of financial incentives to open new headquarters in county that will create over 950 jobs.
As reported in The Washington Post:
Already located in New Carrollton, 2U agreed to a package of incentives worth an estimated $3.5 million in state and county funds that will have the company relocate nearby to one of the largest and most prominent buildings in the county, 7900 Harkins Road, in New Carrollton.
As part of the deal, 2U plans to double its current workforce from 650 positions to 1,315 by 2019. It then plans to add another 300 jobs and up its square footage from 168,000 square at move-in to 252,000 square feet by 2020. The incentives include a $1.5 million conditional loan from the county and $2 million from the Maryland Department of Commerce.
“We’re investing in our future and the 2U team with a new state-of-the-art facility that will match our unique corporate culture,” Paucek sad in a statement. “With the assistance of the Maryland Department of Commerce and Prince George’s County, our new headquarters will support our growth as we continue to acquire new university partners, launch new programs and empower the world’s greatest universities as they build great digital versions of themselves.”
The agreement keeping 2U in New Carrollton gives the county a tech company on which to hang its hat and advances efforts by County Executive Rushern L. Baker III to grow jobs around Metro stations and transit hubs. At New Carrollton, the state recently opened a new office for the Department of Housing and Community Development, and a new apartment building is slated to break ground next door this year.
For more information read the full article in The Washington Post.