BlackRock signed a preliminary agreement to move to Manhattan’s West Side, according to people familiar with the matter.

The world's largest money manager will receive $25 million in tax credits from the state over 10 years and must create 700 new jobs during the period, one of the people said. The firm currently employs 2,700 people in New York and has other staff in Princeton, N.J. The New York economic development agency, Empire State Development, aims to spur job creation and business growth within the state.