Wall Street Wilkes-Barre
Regional grant links Greater Wilkes-Barre to financial services industry

Wilkes-Barre has strategically placed itself as a prime location for financial services companies, thanks to a $15 million Workforce Innovation Regional Economic Development (WIRED) grant provided by the U.S. Department of Labor.

The grant was used to create Wall Street West, a nine-county regional initiative that will help develop a total back-up solution for New York City financial institutions in the event of a disaster. 

The initiative was created in response to the recommendations outlined by the Securities and Exchange Commission, Federal Reserve, and Office of the Comptroller that calls on major financial firms to have backup operations outside of New York’s power and water infrastructure. 

Officials say Wilkes-Barre’s location is an excellent advantage in their attraction efforts.

“Being within a two hour drive to New York City and other major east coast markets has always been one of Wilkes-Barre’s biggest advantages,” said Gabrielle Lamb, economic development specialist. “With this new attraction initiative, we will continue to capitalize on being a premier location for corporate headquarters and back office operations.”

As evidence, Lamb cites recent relocations and expansions of some of the nation’s finest financial services companies.

In 2006, Sallie Mae announced expansion plans at their Hanover Industrial Estates location. Tom Fitzpatrick, chief executive officer for Sallie Mae, accredited the decision to “the talented employee base in Northeast Pennsylvania and the Greater Wilkes-Barre area”.

In fact, Blue Cross of Northeast Pennsylvania, Convergys, GUARD Insurance Group, Penn Millers Insurance Company, and the U.S. Social Security Data Center are all located in the Greater Wilkes-Barre area.

Another advantage is the current office market. Downtown Wilkes-Barre contains the largest concentration of office space in Northeast Pennsylvania: a total of 4 million square feet or about three quarters of the office space in the Greater Wilkes-Barre area.

“Over 14,000 people work in Downtown Wilkes-Barre. That’s pretty significant,” explained Brittany Bartolini, economic development specialist. “Partner that with two first-class universities and recent downtown investments totaling over $20 million and you have the perfect place to do business.”

There are also numerous land opportunities in two of Greater Wilkes-Barre’s business parks, the Corporate Center at East Mountain and Hanover Crossings.

The Corporate Center at East Mountain is located on State Route 115, which has direct access to the Northeast Extension of the Pennsylvania Turnpike (I-476). In addition, the Corporate Center is a PP&L Ultra Service Park, featuring dual-cable underground feed served from two separate substations by two separate 68-kV lines.

Current tenants include Merrill Lynch, the U.S. Social Security Administration, State Farm Insurance, Howell Benefit Services, and Geisinger Wyoming Valley Medical Center.

Nearby Hanover Crossings is home to Caremark RX, one of the nation’s leading pharmaceutical services companies. The park, which was designed with back office operations in mind, has over 90 acres available for development with an equally attractive infrastructure.