NEWARK, NJ-CoreNet Global has recognized the project team that brought Panasonic's U.S. headquarters to a new building in Newark with an Economic Development Leadership Award.
The team that brought the $150 project to Newark included:
- Brick City Development Corporation (BCDC), the city of Newark's primary economic and business development arm
- The state Economic Development Authority, which delivered tax incentives
- SJP Properties and Matrix Development Group, the developers
- Biggins Lacy Shapiro, an economic development incentives advisory firm
- Newmark Grubb Knight Frank, which arranged the real estate deal for Panasonic.
The 340,000-square-foot glass-walled tower at Two Riverfront Plaza had its grand opening last month. It is Newark's first new office building in more than 20 years.
Panasonic occupies 10 floors of the 12-story building, designed by architecture firm Gensler to achieve Leadership in Energy and Environmental Design (LEED) gold certification for new construction and LEED platinum certification for interiors.
The building is one block from Newark Penn Station, within one of the region's busiest transit hubs. The project is bringing 1,000 new employees into Newark's downtown, and serving as a catalyst for development of new retail, hospitality and other amenities in the city's central business district.
Panasonic signed a 15-year lease at Two Riverfront Plaza.
Newmark Grubb Knight Frank represented Panasonic in the lease transaction. The project was financed through a public sector financing strategy developed by Biggins Lacy Shapiro. The project received $102 million in incentives through the New Jersey Economic Development Authority under its Urban Transit Hub Tax Credit program, and a $10 million Redevelopment Area Bond issue through the city.
CoreNet Global presents the awards each year to industry leaders who demonstrate corporate real estate leadership and creativity. The project was selected from more than 60 entries nationwide.
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