Governor Hochul Announces Capital Group to Invest $38 Million in New York City Expansion

Governor Kathy Hochul today announced that Capital Group, one of the world's largest active asset managers, will expand its New York City operations with a major growth project expected to create 200 new full-time jobs over five years and invest approximately $38 million in capital investments at 345 Park Avenue in Manhattan. The project, supported by up to $3 million in performance-based Excelsior Jobs Program tax credits, will strengthen New York's position as a global financial services capital while supporting continued job growth in the city's Midtown East business district.

"New York continues to attract world-class financial services firms because of our unmatched talent, infrastructure and business ecosystem," Governor Hochul said. "Capital Group's decision to expand in New York City and create 200 new high-paying jobs is another sign that the Empire State remains the premier destination for global finance and investment management companies looking to grow and compete."

Empire State Development President, CEO and Commissioner Hope Knight said, "Under Governor Hochul's leadership, New York continues to strengthen its position as the nation's financial capital and a leading destination for high-growth investment firms. Capital Group's expansion reinforces that momentum by creating hundreds of high-paying jobs and investing in additional office space in Manhattan, helping drive continued economic opportunity in one of New York's most important industries."

CEO of Capital Group's Client Group Matt O'Connor said,"This investment reflects our conviction that strong, human-centered partnerships matter, and that now is the right time to lean into one of our greatest strengths. As a private company, when others are stepping back, we're prioritizing talent and long-term client needs. We're focused on delivering two primary services to our advisors, solutions that can provide superior investment results over the long-term and true business partnership."

As Capital Group approaches its 100th anniversary in 2031, its long-term strategy remains firmly rooted in its mission to improve people's lives through successful investing. With over 9,000 associates and 34 offices around the world, Capital Group manages $3.6 trillion in assets for millions of wealth management and institutional clients around the world.

Capital Group plans to lease and fit out approximately 50,000 square feet of additional office space in Manhattan as part of the expansion project. The company currently employs approximately 350 associates in New York State and expects the expansion to support roles across investment management, client services, technology, operations, sales and related functions.

The expansion project is expected to generate significant long-term economic impact for New York State, including increased payroll, additional tax revenue and indirect job creation tied to the firm's growing operations.

About Empire State Development

Empire State Development is New York's chief economic development agency, and promotes business growth, job creation, and greater economic opportunity throughout the state. With offices in each of the state's 10 regions, ESD oversees the Regional Economic Development Councils, supports broadband equity through the ConnectALL office, and is growing the workforce of tomorrow through the Office of Strategic Workforce Development. The agency engages with emerging and next generation industries like clean energy and semiconductor manufacturing looking to grow in New York State, operates a network of assistance centers to help small businesses grow and succeed, and promotes the state's world class tourism destinations through I LOVE NY. For more information, please visit esd.ny.gov, and connect with ESD on LinkedIn, Facebook and X.