Realogy to stay in New Jersey

State provides $12.1 million tax break on new headquarters

In a cost-cutting measure backed by a $12.1 million tax break from the state of New Jersey, Realogy Corp. will move its headquarters seven miles down the road to a 270,000-square-foot office building in Madison, N.J.

Realogy, which has racked up nearly $300 million in losses so far this year, said it’s signed a 17-year lease on a new headquarters facility with a base rent that’s 25 percent less than what it’s paying for its current home office in Parsippany. The move to 175 Park Ave. will take place late next year or in early 2013, the company said.