NEWARK-Panasonic Corp. of North America signed a 250,000-square-foot lease Wednesday morning with Matrix Development Group and SJP Properties for the construction of the new 410,000-square-foot Two Riverfront Center, which will be located one-half mile from Newark Penn Station. The deal--spurred by a $102.4-million tax subsidy from the New Jersey Economic Development Authority--entails a 15-year lease with two five-year renewal options. The price, according to an application from the EDA, is an estimated $44 per square foot.

“Panasonic could have gone anywhere on this continent, but they elected to stay in New Jersey and to relocate to the state’s largest city,” says Lieutenant Governor Kim Guadagno, in a press statement, noting that the proposed development will bring $202.5 million in tax revenue to the city and state. “That is a win for both the state and Newark,” describing Panasonic’s decision as “a significant milestone in the city’s continuing revitalization.”

The structure, to be completed by the end of 2012, will be directly adjacent to Newark’s legal hub, One Riverfront Center, which is now more than 90% leased. Now with a major tenant on-board, construction on the project--located just off McCarter Highway--is expected to begin by the second-quarter of 2011, according to Matrix Development Group. “As a long-time investor in Newark, Matrix is extremely pleased to further our commitment to the vitality of this great city in realizing this property's development into a state-of-the-art office building and significant economic catalyst,” says Donald Epstein, EVP of Matrix, in a statement.