Search
 

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.”

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.