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Panasonic to Secaucus & Brooklyn: Fuggedaboutit

NEWARK-Thanks to a $102.4-million tax subsidy from the state, Panasonic is uprooting from its longtime home in Secaucus to the Brick City.

By Jacqueline Hlavenka | Updated on April 20, 2011

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.”

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