New HQ for ADT?

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08/25/2010

I saw this story today in the South Florida Business Journal which talks about ADT/Tyco seeking $1.6 million in incentives to stay put in South Florida.

From the story:

The proposal for Qualified Target Industry and Quick Action Closing Fund money was originally on the Palm Beach County Commission’s Aug. 17 agenda, but was removed because the incentive contract is still in negotiations between the company and the county, Palm Beach County Economic Development Director Sherry Howard said.

Although the deal isn’t finalized, Tyco and ADT appear likely to leave their offices at 1 Town Center Road to find a building that’s a better fit, Howard said. The company is also weighing relocating to Texas or New Jersey, where it also has a corporate office in Princeton.

The story quotes an unnamed source who says that ADT is “negotiating a lease deal at 1501 Yamato Road, which formerly hosted a Washington Mutual Bank operations office.”

That’ office is in the neighborhood of some of Tyco’s other offices.

I called ADT spokeswoman Ann Lindstrom and she confirmed that ADT is currently in the process of negotiating a lease for “a building near our current location in Boca Raton,” but noted that until those negotiations are complete, and a final determination has been made, “it would not be appropriate to provide further details.”

She did say that “Tyco and ADT are constantly looking at alternatives available in the real estate market to assure we operate our business in the most cost-effective and space efficient way possible. This includes asking municipal bodies for economic incentives to retain our presence in Florida.”

I asked if possible relocations were related in anyway to the Broadview acquisition. Lindstrom said that prior to the Broadview acquisition, ADT had “undertaken a strategic review of its real estate needs for the next 3 to 5 years. This review indicated that for ADT to continue to grow and meet the needs of customers, capacity would need to be added at the corporate headquarters.”