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Equitable to remain in downtown Syracuse, renovate space with state help

By Eric Reinhardt (ereinhardt@cnybj.com)

Date:

One of the two Equitable towers on Madison Street in downtown Syracuse. Empire State Development on Wednesday said the New York City–based financial-services firm plans to renovate its space inside the towers in a $65 million project. ESD will provide $9 million in state funding to help pay for the project. (Eric Reinhardt / CNYBJ)

SYRACUSE, N.Y. — Financial services firm Equitable — whose name is on the iconic twin towers in downtown Syracuse — will remain in the towers with some financial help from the state.

Empire State Development (ESD) on Wednesday announced that it’s providing Equitable with up to $9 million in Upstate Revitalization Initiative grant funding. That’s in exchange for the firm’s commitment to invest in upgrades to its presence in Syracuse and retain jobs in the city and across the state.

The total project cost has been estimated to be $65 million, per ESD.

Equitable cited the “continuing momentum already underway downtown” for its decision to refurbish its space inside of the historic 19-story Tower buildings located on Madison Street, ESD added.

In February 2021, Equitable announced that it would relocate its corporate headquarters within New York City to 1345 Avenue of the Americas by 2024, where the company has maintained a presence since its founding in 1859.

Besides Syracuse, Equitable also maintains local branch offices across the state in Binghamton, Buffalo, Clifton Park, and Long Island.

Equitable is a principal franchise of Equitable Holdings, Inc. (NYSE: EQH). All told, Equitable has about 2,000 employees working throughout New York state.

“Equitable has been proud to call Syracuse home since 1967,” Mark Pearson, CEO of Equitable, said. “Today’s announcement reaffirms our commitment to the region. We look forward to being an active community partner in the Syracuse revitalization effort and having a lasting social impact for future generations.”

In its release, ESD also notes that the Equitable Foundation provides ongoing support for Syracuse–area organizations. They include the Milton J. Rubenstein Museum of Science and Technology (MOST); the Food Bank of Central New York; Syracuse Honor Fight; Griffin’s Guardians; and ERIE21, an initiative led by Le Moyne College.

“Equitable’s presence atop the cityscape of Syracuse is a point of pride, and the company’s people are a valued part of our downtown Syracuse community,” Syracuse Mayor Ben Walsh commented. “I am proud to join Empire State Development in celebrating Equitable’s commitment to remain in the tower buildings that bear its name. I appreciate the company’s continuing investment in Syracuse and am grateful for ESD’s partnership in keeping Equitable’s strong presence in the City. With the upcoming expansion of the Tech Garden at the tower plaza and the growth occurring at tech companies in the Center City Innovation Hub, this is more good news for the Syracuse Surge, our strategy for inclusive growth in the New Economy.”

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