Panasonic has renewed and extended its Newark, NJ, lease to 337,552 s/f for the next 15 years.
Newmark Grubb Knight Frank (NGKF) announced the completion of of lease negotiations for space 2 Riverfront Plaza in Newark, hailing the deal as “a continued demonstration of confidence and support for Newark’s growing economy.”
Panasonic relocated their headquarters three years ago from a corporate campus in Secaucus, New Jersey. NGKF Executive Managing Director Timothy Greiner and Director Jamie Ragucci exclusively represent Panasonic’s portfolio and are actively marketing the third and fourth floors, totaling 57,896 square feet, for sublease through May 2031.
“2 Riverfront Plaza was constructed and designed as a world-class corporate headquarters. It fits the prototype of what tenants are looking for: urban, cool, state-of-the-art, exposed higher ceilings, lots of natural light, near amenities and mass transit,” said Greiner.
“The building checks all the boxes. It has the aesthetics that tenants want, not just technology tenants, but all tenants who are following technology’s lead. This sublease provides a rare chance to occupy two full floors of first generation space in downtown Newark’s most modern building.”
2 Riverfront Plaza was built in 2013 and awarded the certification of LEED Gold for core and shell; Panasonic built the interior to LEED Platinum. The building features floor-to-ceiling glass, a cafeteria with outdoor patio seating, on-site security and covered parking. The site’s location allows tenants to have PATH, NJ Transit and bus mass transportation via immediate access to Newark Penn Station.
“Major tenants, such as Panasonic, are seeing the advantages of moving to Newark,” said Ragucci. “The Hudson waterfront is getting really expensive. Recent transactions in Hoboken have exceeded $50 per square foot. That translates to a $15 – $20 per square foot delta in annual rent.”
Panasonic is one of the largest electronics solutions companies in the world.