MD: 2U to Open New Lanham HQ to Accommodate Growth, 900 New Jobs
3 Feb, 2016
2U Inc., a leader in technology-enabled education headquartered in Prince George's County, is moving its headquarters to Lanham, Maryland to accommodate its growing workforce, as it is targeting the creation of more than 900 jobs in the county in the next five years. The company is leasing space at 7900 Harkins Road, which is owned by Cohen Equities and located within the New Carrollton Transit Oriented Development site.
"We're investing in our future and the 2U team with a new state-of-the-art facility that will match our unique corporate culture," said 2U CEO and co-founder Chip Paucek. "With the assistance of the Maryland Department of Commerce and Prince George's County, our new headquarters will support our growth as we continue to acquire new university partners, launch new programs and empower the world's greatest universities as they build great digital versions of themselves."
In 2015, 2U experienced unprecedented growth through the addition of New York University and Yale University to its partner portfolio and the announcement of eight new 2U-powered programs to launch in 2016 and beyond. From 2010 to 2015, 2U grew its workforce from 98 to 1,007 employees, including more than 600 employees currently working in Prince George's County. The company's priority in developing a rewarding and high-energy work environment earned them a place on the 2015 lists of The Washington Post's 'Top Workplace' and DC Inno's '10 Coolest Companies.'
"Working with 2U and our partners in Prince George's County, we are proud to support this innovative company's new headquarters and the creation of hundreds of jobs," said Governor Larry Hogan. "Thanks to visionary companies like 2U, we are continuing to see the creation of exciting job opportunities throughout Maryland – opportunities which are helping to strengthen our private sector and provide a healthy, thriving economy for all Marylanders."
To assist with the new headquarters, the Maryland Department of Commerce is providing a $2 million conditional loan through the Maryland Economic Development Assistance Authority and Fund (MEDAAF) program. Additionally, Prince George's County is providing a $1.5 million conditional loan through its Economic Development Incentive (EDI) Fund.
"2U has made tremendous progress in online education since it was formed in 2008 and is now among the fastest growing companies in Maryland," said Commerce Secretary Mike Gill. "We are excited to see this pioneering company continue to grow in Maryland and commend them on their innovative approach to empower universities and colleges to educate the leaders of tomorrow."
"2U's decision to relocate to the once vacant Harkins Road building is a major victory for Prince George's County. Not only have we successfully retained an award-winning technology business that is recognized as one of the fastest growing companies in theWashington region; it also supports our TOD (Transit Oriented Development) strategy to expand this type of development at key locations around the County," said County Executive Rushern L. Baker, III. "The Harkins Road building is located just north of one of those key locations, the New Carrollton Metro Station, where I am confident that 2U will help to bring new energy to this multi-modal location. 2U's decision to grow in Prince George's County demonstrates that we are continuing to retain and attract companies to the County. It also is evidence that we are making great progress and dramatically improving the business climate here, so that businesses come and stay."
"We purchased this building anticipating that we could position it as a uniquely progressive asset. What we found in 2U was a tenant who shared that vision and pushed the boundaries for redevelopment far beyond what we originally thought possible," said Cohen Equities Principal Meir Cohen. "While working with the 2U team, they displayed a remarkable degree of care in regards to the kind of workplace they were creating, what it expressed about their corporate culture and what that could mean for their employees and partners. We're looking forward to helping 2U accomplish their progressive vision for the building."
About 2U, Inc. (NASDAQ: TWOU)
2U partners with leading colleges and universities to deliver the world's best online degree programs so students everywhere can reach their full potential. 2U's Platform, a fusion of cloud-based software-as-a-service technology and technology-enabled services, provides schools with the comprehensive operating infrastructure they need to attract, enroll, educate, support and graduate students globally.
Blending live face-to-face classes, dynamic course content and real-world learning experiences, 2U's No Back Row® approach ensures that every qualified student can experience the highest quality university education for the most successful outcome. Learn more at 2U.com.
About Maryland Commerce
The Maryland Department of Commerce stimulates private investment and creates jobs by attracting new businesses, encouraging the expansion and retention of existing companies, and providing financial assistance to Maryland companies. The Department promotes the State's many economic advantages and markets local products and services at home and abroad to spur economic development and international investment, trade and tourism. Because they are major economic generators, the Department also supports the Arts, film production, sports and other special events. For more information, visit commerce.maryland.gov.
About Prince George's County Executive Rushern L. Baker III
Prince George's County is Maryland's second largest jurisdiction with a population of over 900,000 people and sits on the eastern border Washington, D.C. The County is home to FedEx Field (home of the Washington Redskins), National Harbor, Joint Base Andrews, Goddard Space Center, and the University of Maryland, College Park. In 2012, the county created the Economic Development Incentive Fund (EDIF), a $50 million fund designed to help attract and retain business. The EDIF fund is marketed by the Prince George's County Economic Development Corporation which thus far has awarded $23.5 million, which has or will leverage over $620 million in private development. Prince George's County also boasts one of the best parks systems in the nation and is led by County Executive Rushern L. Baker, III – a 2015 Governing Magazine national Public Official of the Year.
About Cohen Equities
Cohen Equities is a New York City-based real estate investment firm that pursues commercial assets that present an opportunity to add value in both suburban markets and central business districts. The company has aggressively expanded its portfolio to include more than 5 million square feet of real estate across the United States. It is continuing an ambitious expansion that will see it grow rapidly within the Metro D.C. market, nationally and internationally. Led by Meir Cohen, a real estate veteran with more than 30 years of experience, Cohen Equities creates significant value through active management, leasing and repositioning activities. For more information about Cohen Equities, please visit cohenequities.com.