Newark's Panasonic project wins Economic Development Leadership Award

CoreNet Global has recognized the project team that brought Panasonic's U.S. headquarters to a new building in Newark with a 2013 Economic Development Leadership Award for spurring economic development, investment and employment in the Brick City. Brick City Development Corp. (BCDC), the primary economic and business development company for Newark; the New Jersey Economic Development Authority; SJP Properties; Matrix Development Group; economic development incentives advisory firm Biggins Lacy Shapiro; and Newmark Grubb Knight Frank worked together to bring the $150 million Panasonic Corp. of North America headquarters to Newark. Last month, Panasonic celebrated the grand opening of the state-of-the-art, 340,000-square-foot Class A tower at Two Riverfront Plaza, 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 located one block from Newark Penn Station, within one of the region's largest transit hubs. The project is bringing 1,000 new employees into Newark's downtown, and provides the 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, developed jointly by SJP Properties and Matrix Development Group. 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 (EDA) 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 best-in-class practices in advancing corporate real estate thought leadership and creativity. The project was selected out of more than 60 entries nationwide.