Medpace to relocate to Cincinnati
Update: July 2011
Medpace, Inc. will begin construction on 2 new Leadership in Energy and Environmental Design (LEED) certified research laboratory and office buildings. The new buildings will be located on Medpace’s new headquarter campus at 4820 Red Bank Road.
The City of Cincinnati recently approved two separate 15-year LEED Community Reinvestment Area Tax Exemptions (CRA’s) for the new buildings. Medpace, Inc. will invest approximately $7.5 million in the first building to construct a 125,000 sq. ft. research laboratory and office. The second building will see an investment of approximately $3.6 million to construct a 60,000 sq. ft. research laboratory and office building.
Update: January 14, 2010
Construction has begun on the 132,000 sf new, world headquarters for Medpace, Inc. The new building, located on the site of the former NuTone manufacturing facility at 4820 Red Bank Road, will be LEED-certified. Steel for the building will be arriving on site shortly and will go up during February 2010. Exterior concrete panels and windows will begin encasing the steel structure soon after it has been vertically placed. The exterior of the building will be finished and the structure will begin to look like a new building from the outside by April 2010.
Original news story
After a very extensive search in both Southwest Ohio and Northern Kentucky, Medpace, Inc. has decided to relocate their new corporate headquarters to the former NuTone site on Red Bank Road within the City of Cincinnati. Medpace anticipates they will occupy 350,000 sq. ft. of new office space by 2014. The company will continue to maintain a presence at their Norwood location until their final lease ends in 2013. They will move employees to the new Cincinnati campus over 5 years with approximately 1,339 jobs occupying the entire 350,000 sq. ft. space by 2014. The new corporate campus will include three separate office buildings of between 110,000 to 130,000 sq. ft. each. The average salary for their employees will be $70,192.
The City’s Economic Development Division has estimated that through incentives Medpace will save approximately $7.5 million in taxes over 8 years. In return, approximately $41.7 million in new corporate profits tax and local income taxes will be generated by Medpace, Inc. for the benefit of the City during the 16 years the company must remain in the City under the Agreement.
The City is very pleased to have won this new corporate headquarters project. Medpace is an exceptional locally owned company that has been expanding and growing rapidly over recent years. We are very excited to have Medpace commit to this location and create new jobs within the Madisonville neighborhood and tax revenues for the City.
The full City Council is expected to vote on Wednesday, October 8.
Medpace, Inc. is an international drug development services company employing over 535 people within Greater Cincinnati. The company provides comprehensive clinical research support to the pharmaceutical industry and is primarily focused in late-stage drug development. Medpace was established in 1992 and has been located at its existing headquarters in Norwood since 2000. Medpace also maintains operations in over 40 countries outside the US, and globally employs over 700.