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  #1  
Old Posted Apr 20, 2011, 1:37 PM
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NEWARK, N.J. | 2 Riverfront Center | FT | (18) FLOORS

http://www.nj.com/news/index.ssf/201...firms_pan.html

Mayor Cory Booker confirms Panasonic moving headquarters from Secaucus to Newark



Panasonic plans to move into a building on Raymond Boulevard in Newark set to be built in the lot pictured in the center of this January photo.


April 20, 2011

Quote:

Global electronics giant Panasonic will be moving its North American headquarters from Secaucus to Newark, Mayor Cory Booker has confirmed, marking one of the biggest development coups of his administration.

"It’s historic. We’ve been seeing so much progress in the last four years," Booker said Tuesday. "This is heralding to the globe that Newark is one of the most significant players on the Eastern Seaboard."

The official announcement to relocate its 800 employees to Newark is expected to be made today at a news conference with Booker, Lt. Gov. Kim Guadagno, Panasonic North America CEO Joseph M. Taylor and other officials.

The move comes after a debate over whether state incentives were appropriate for a company that threatened to leave New Jersey but ultimately chose to stay. Panasonic had said it was eyeing space in Brooklyn, Atlanta, Chicago and California after its current lease expires in March 2013.

Panasonic qualifies for a $102.4 million Urban Transit Hub tax if it brings at least 250 jobs to Newark by 2016 and creates an additional 200 jobs within 10 years, according to an EDA memo. If no new jobs are created, Panasonic will only qualify for 80 percent of the tax credit. But the company has said the 800 jobs it has in Secaucus were "at risk" if Panasonic moved out of state. The authority concluded those jobs can be considered new jobs, the memo said.

Panasonic spokesman Jim Reilly has said the company needs to relocate "to meet its business objectives." Its headquarters include corporate and marketing offices, daily operations and some testing space.

As part of its application, Panasonic said it would sign a 15-year lease for nearly 250,000 square feet of a new office tower at a shovel-ready site at the intersection of Raymond Boulevard and McCarter Highway, which will become Two Riverfront Center. Matrix Development Group, based in Cranbury, and SJP Properties, from Parsippany, own the land, and the proposed 410,000-square-foot building will cost an estimated $190 million, according to the memo. Designs of the building in 2005 called for up to 18 stories.

The EDA estimated the project will bring approximately $222.8 million to Newark in taxes and one-time construction costs over 11.25 years, the memo said.

Newark is likely offering its own financial incentives, but Stefan Pryor, deputy mayor for economic development, would not offer specifics, citing today’s formal announcement.

The corporation’s current landlord, Hartz Mountain, is not letting its tenant leave without a fight. The company filed an appeal with the state Superior Court on March 31, arguing the EDA acted outside the scope of its authority and its decision "highlights significant deficiencies" in the approval process. Secaucus filed a similar appeal.

Last week, Panasonic asked the court to expedite the case and to provide a final decision on or before Sept. 30, according to court documents. Attorney General Paula Dow also filed a motion asking the court to consolidate and accelerate the appeal.

Secaucus Mayor Michael Gonnelli said Tuesday he is "saddened" by the news.

"We thought the intention of the legislation was to bring in new businesses to New Jersey, not to hurt one community to benefit another," he said. "It’s going to create a pretty big void once they decide to pick up and move."

Plus, the Panasonic case will encourage other corporations to seek lucrative incentives for intra-state moves, said Allen Magrini, senior vice president with Hartz Mountain.

"We compete for tenants all the time, and you win some, you lose some," Magrini said. "But to have the state subsidize another developer or to move a tenant within the state for $102 million, it’s unacceptable and creates an uneven playing field."

Ted Zangari, a corporate real estate attorney who helped write the Urban Transit Hub tax credit legislation, said the program was designed to benefit the whole state by promoting smart growth and getting ratables to nine of the state’s neediest cities.

"The ultimate competition is between New Jersey and our neighboring states," Zangari said. "If a business is considering a relocation or expansion in New Jersey, there are good policy reasons for the state to attempt to drive that location decision through super-sized incentives to a transit-friendly site within one of our financially-distressed cities."
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  #2  
Old Posted Apr 20, 2011, 5:54 PM
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This is great news for Newark. Maybe other companies like Samsung will follow.
     
     
  #3  
Old Posted Apr 20, 2011, 7:38 PM
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Newark could use some good news. Things are slowly thawing in New Jersey as well.
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  #4  
Old Posted Apr 21, 2011, 11:12 AM
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Here's a rendering of the building , between this and its neighbor across 21 that part of Newark is starting to take off...

     
     
  #5  
Old Posted Apr 21, 2011, 1:09 PM
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Originally Posted by Nexis4Jersey View Post
between this and its neighbor across 21 that part of Newark is starting to take off...
There is a lot more planned and coming for the area.
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  #6  
Old Posted Apr 24, 2011, 6:15 PM
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Actually it's now 12 floors(technically 14 stories), but that could change.

First development thread on here for the city. Don't know if one should be made for the Courtyard Marriott being built next to the arena(and Hotel Indigo a block up) but whatev.
     
     
  #7  
Old Posted Apr 26, 2011, 3:56 AM
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This is great news indeed. Two questions though. Since they are slated to move in around 2013, would they start construction on the building soon? Also, is this official? I don't want to get my hopes up only to find out Secaucus can legally bind them and or they reconsider another city.

Can we make this an overall development thread cause I would like to know whats going on with the teachers village, one theater square, and njit's dorm expansion. I keep finding the same old info on each.

damn, sorry for all the questions...
     
     
  #8  
Old Posted May 5, 2011, 12:03 AM
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^ It's official.


http://therealdeal.com/newyork/artic...elocation-plan
Newark development agency plots corporate relocation plan


Lyneir Richardson, CEO of BCDC

May 04, 2011
By David Jones


Quote:
Following the groundbreaking deal last month to develop Panasonic's $190 million headquarters in Newark, the Brick City Development Corporation will roll out a program starting this summer to lure new corporations to six specific sites in the city's downtown area.

Brick City Development Corporation, the city of Newark's economic development corporation, is currently in talks with local investors to pitch the six shovel-ready sites to companies looking to develop new corporate offices. The city is hoping to take advantage of below market rents and a new spurt of development that will lure potential employers away from New York or other parts of New Jersey.

"We have over the last month or so talked to a variety of landowners," said Lyneir Richardson, CEO at BCDC. "Each of them [has] a site suitable for a new office tower in Newark."

Richardson said that the agency sees a huge potential market for corporate relocations, as Newark has rents of $40 a month in the downtown area, which is 60 percent less than comparable rents in New York City.

While Richardson would not comment on specific locations, real estate executives in New Jersey said there are available sites across from Gateway Center in downtown Newark, near the city's Broad Street train station on the NJ Transit route to Montclair.

The city and state are pushing to open new corporate sites near major transportation hubs, not only because of the high price of gasoline, but because the state has major economic incentives available for companies to relocate.

"Companies have sat for the last three years without making any moves at all," said Joe Romano, a principal at Accordia Realty Ventures, in Fairfield, N.J. "These companies that have sat dormant have got to do things to get their space in line with their current business objectives."

London-based Standard Chartered relocated its American Express Bank unit from New York to Newark a few years ago and earlier this year decided to expand its existing offices in Newark.

"The bank's decision to open and expand a service facility in Newark was based largely on the city's commercial real estate and quality," said Julie Gibson, a spokesperson for Standard Chartered Bank.

In 2008, the bank relocated its New York offices to a $12 million, 45,000-square-foot space at 2 Gateway Center in downtown Newark, with 250 employees. Earlier this year, the company expanded that site by 12,000 square feet.
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  #9  
Old Posted May 15, 2012, 2:42 PM
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http://www.nj.com/news/index.ssf/201...ic_office.html

It's electric: Panasonic office tower finally starts to rise in Newark





May 15, 2012
By Sarah Portlock

Quote:
Construction on the Panasonic office tower in downtown Newark has begun, one year after the Japanese electronics giant signed a lease to move to the city and nearly two decades after a foundation was built for a development that never happened at the site.

Panasonic plans to relocate its North American headquarters from Secaucus into the 12-story, $200 million tower at the busy intersection of Raymond Boulevard and McCarter Highway next summer. The company will occupy 10 stories of the 338,000-square-foot building, and bring with it 800 employees, said spokesman Jim Reilly. Construction is expected to create 600 jobs.

Panasonic employees are excited about the building, and have been following the work so far through photos sent from Newark-based friends and business associates, Reilly said. "Employees have been hearing about the move since April 2011 when we first announced it, so the feeling is now, ‘Cool. It’s finally really happening,’" Reilly said.

Yesterday morning, five truckloads of steel arrived at the site, and workers assembled the girders that will make up the building’s skeleton.









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  #10  
Old Posted May 15, 2012, 2:50 PM
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Video


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  #11  
Old Posted Jul 11, 2012, 8:58 AM
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Great to see my home state get going with some new buildings. I went by this about 2 weeks ago it's about 4-7 floors off the ground. Newark has a lot of potential. Hopefully they can get the money figured out and build more. One theatre square looks amazing!!!
     
     
  #12  
Old Posted Jul 13, 2012, 12:25 AM
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I counted about 10 floors a couple of days ago.
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  #13  
Old Posted Jul 14, 2012, 2:18 AM
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Nice! too bad they can't get that little store out of the way.
     
     
  #14  
Old Posted Jul 29, 2012, 2:41 AM
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Nice! too bad they can't get that little store out of the way.
Its a popular restaurant ....
     
     
  #15  
Old Posted Jul 29, 2012, 2:46 AM
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  #16  
Old Posted Jul 29, 2012, 1:17 PM
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There's been a photo thread to prove the worth of the historic core. It looks gritty, sort of run-down for now but still sure looks good. It looks like some vacant stylish buildings in Detroit...
That kind of stuff is too good to remain run-down.
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  #17  
Old Posted Jul 29, 2012, 3:37 PM
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There's been a photo thread to prove the worth of the historic core. It looks gritty, sort of run-down for now but still sure looks good. It looks like some vacant stylish buildings in Detroit...
That kind of stuff is too good to remain run-down.
They are reusing several Downtown buildings , but there also about to break ground on several mid and high rises by April next year.
     
     
  #18  
Old Posted Aug 19, 2012, 10:57 AM
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  #19  
Old Posted Aug 21, 2012, 12:15 AM
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Nice pics! Once I start going to devil games in the winter I'll take some pics
     
     
  #20  
Old Posted Sep 15, 2012, 8:48 PM
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Since there's no thread for the new prudential towers here an article and a picture of the towers http://www.nj.com/news/index.ssf/201...second_to.html
     
     
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