BAE Systems takes a major step forward in plans to expand operations in Manchester.
Concord, NH – December 19th, 2018 – BAE Systems took a major step forward today in its plans to expand into Manchester. The proposal that included a partnership with New Hampshire’s Business Finance Authority (BFA), was approved unanimously this morning by New Hampshire’s Executive Council. Now that the plan has been approved, the BFA will purchase property at 3000 Goffs Falls Road in Manchester and then lease it back to BAE over the next 10 years.
The 200,000-square foot site, located off Brown Avenue, offers close access to the Manchester-Boston Regional Airport and Interstates 93 and 293 and will enable the BAE to attract the talent it needs to initially fill 400 highpaying positions. The partnership with NH’s Business Finance Authority allows BAE to secure the building while maximizing the amount of capital available to grow the business. BAE will purchase the building from the BFA at the end of the 10-year lease.
“This is an exciting opportunity for Manchester as well as New Hampshire,” stated BFA Executive Director, James Key-Wallace. “We are proud to have worked closely with BAE to make this deal happen. Our innovative and collaborative approach to structuring this expansion shows that New Hampshire is able to attract world-class companies who create high-quality jobs.”
A key part of making this deal happen involved the cooperation and hard work of many agencies and individuals including NH’s Department of Business and Economic Affairs and the City of Manchester. This lease-purchase structure has become a powerful tool used by the BFA to help companies grow cost-effectively and invest their capital in infrastructure improvements to grow rapidly. The BFA has used this type of financing structure before and had great success including in Rochester with the Safran Albany facility that created hundreds of high-quality manufacturing jobs.
“For a complex deal like this one, there were many moving parts that required a great deal of teamwork and collaboration between individuals and agencies to make it happen,” stated Key-Wallace. “We were pleased to be part of this successful team that helped make this expansion a reality.”
About the BFA
The Business Finance Authority was created in 1992 to foster economic development and create employment in New Hampshire. The BFA accomplishes these objectives by working with New Hampshire’s banking, business, and economic development sectors to develop and implement programs which expand the availability of credit in the state. Our customers include manufacturers, small and medium-sized businesses, health providers, and non-profit educational and cultural organizations. The BFA continues to update and expand its programs to meet the ever-changing credit needs of New Hampshire’s business community.