HELIX Phase 2 Approved for Aspire Tax Credits by NJEDA Board

Nokia Bell Labs will serve as main tenant in H-2

TRENTON, N.J. (March 12, 2025) – The New Jersey Economic Development Authority (NJEDA) Board today approved tax credits through the Aspire Program to support the second New Jersey Health + Life Science Exchange’s (HELIX) building in New Brunswick, known as H-2. Nokia Bell Labs, the industrial research arm of Nokia, will serve as the main tenant of H-2, a 10-story, nearly 370,000-square-foot building that will be an innovation hub in the city’s downtown. The first phase of the HELIX was approved for Aspire tax credits in 2023.

“This approval by the NJEDA Board serves as another milestone in our mission to cement New Jersey as a national leader in technological innovation, helping strengthen the New Brunswick community and create long-term economic growth across the state,” said Governor Phil Murphy. “Through the partnership of major institutions, like Nokia Bell Labs, the HELIX will support the creation of advanced technologies and allow startups to scale their business and commercialize lifechanging inventions.”

The HELIX will bring together New Jersey’s public, private, and academic sectors to create a world-class hub of innovation and a strong base of support and talent pipeline for innovative companies. The HELIX campus, consisting of three separate buildings, will provide 1.5 million square feet of multifaceted, state-of-the-art environments supporting the gamut of health and life science organizations and professions.

“The HELIX serves as a cornerstone of Governor Murphy’s vision to supercharge New Jersey’s economy and retain our legacy as a national leader in innovation,” said NJEDA Chief Executive Officer Tim Sullivan. “The Aspire Program fuels catalytic development projects that transform communities into dynamic, transit-oriented hubs, ideal for living, working, and doing business. With today’s Aspire award, Nokia Bell Labs addition to the HELIX will further support New Brunswick’s innovation ecosystem by creating cutting-edge technology, high-quality jobs, and long-term economic growth that will benefit generations of New Jerseyans.”

Last month, the NJEDA announced it will partner with Nokia Bell Labs to launch a Strategic Innovation Center (SIC) consisting of the NJ Nokia Innovation Center and Bell Labs Venture Studio, both of which will eventually be located at H-2. Both components will be focused on enabling startups to accelerate and commercialize intellectual property from Nokia Bell Labs and local universities with an emphasis in the fields of communication, artificial intelligence (AI), cloud computing, and optical and wireless networks.

“We are thrilled that the NJEDA Board has approved the Aspire tax credits for the second phase of the HELIX project. New Jersey has long been a significant hub for innovation, and this significant achievement would not have been possible without the unwavering support from Governor Murphy and the NJEDA through the Aspire Program,” said Nokia Chief Strategy and Technology Officer Nishant Batra. “This state-of-the-art facility will not only enhance our research and development capabilities, but will also drive the creation of cutting-edge technology, generate new jobs, and stimulate long-term economic growth in the state through the NJ Nokia Innovation Center and the Bell Labs Venture Studio.”

H-2 will be a research and development facility comprised of chemistry and biology laboratories, data centers, 3D printing areas, machine shops, office space, and conference rooms. The main lobby of H-2 will include a technology showcase and a coffee shop, which will have access to the Paseo, a public outdoor space connecting the Rutgers campus, the Robert Wood Johnson University Hospital District, the New Brunswick train station, and the Government and Arts District in downtown New Brunswick.

“This investment in New Brunswick’s HELIX campus is another example of how New Jersey is solidifying its position as a national leader in life sciences and technological innovation,” said Speaker Craig J. Coughlin. “With world-class partners like Nokia Bell Labs and transformative programs like Aspire, we’re building on an already impressive ecosystem that draws in top talent, keeping New Jersey at the cutting edge of global innovation. Further, major public-private partnerships such as the HELIX illustrates to the American and foreign private sector job-creators that New Jersey can get big things done with the right leadership and vision in place.”

“The approval of Aspire tax credits for H-2 marks another transformative step in New Brunswick’s evolution as a hub for cutting-edge research, innovation, and economic growth,” said New Brunswick Mayor Jim Cahill. “Nokia Bell Labs’ decision to establish its headquarters in New Brunswick is a tremendous opportunity that will further enhance our City’s role as a leader in technological advancement. This move will attract top-tier talent, drive new investment, and create opportunities that will benefit our community for years to come.”

SJP Properties is the lead developer of H-2 and was approved for Aspire tax credits of up to 80 percent of the eligible project cost, not to exceed $103.9 million.

Aspire is a place-based economic development program created under the New Jersey Economic Recovery Act of 2020 (ERA) to support mixed-use, transit-oriented development with tax credits to commercial and residential real estate development projects that have financing gaps. All residential Aspire projects must include at least 20 percent affordable housing. As a performance-based program, projects must certify that all commitments established at time of approval have been met before receiving their first disbursement of tax credits.

About the NJEDA

The New Jersey Economic Development Authority (NJEDA) serves as the State’s principal agency for driving economic growth. The NJEDA is committed to making New Jersey a national model for inclusive and sustainable economic development by focusing on key strategies to help build strong and dynamic communities, create good jobs for New Jersey residents, and provide pathways to a stronger and fairer economy. Through partnerships with a diverse range of stakeholders, the NJEDA creates and implements initiatives to enhance the economic vitality and quality of life in the State and strengthen New Jersey’s long-term economic competitiveness.

To learn more about NJEDA resources for businesses, call NJEDA Customer Care at 844-965-1125 or visit https://www.njeda.gov and follow @NewJerseyEDA on Facebook, Twitter, Instagram, and LinkedIn.

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