Page 9 - RE-NJ

MCKINSEY PLANS MOVE TO NEWARK AS ITS NEW HOME IN NEW JERSEY
Global consulting firm McKinsey & Co. has found a new home in New Jersey, in downtown Newark, where it will bring together some 700 employees currently spread across two offices.
Sources familiar with the plan
say the company is slated to lease space at Ironside Newark, Edison Properties’ distinctive, industrial- style office building at 110 Edison Place. McKinsey, which has a long- established presence in both Summit and Jersey City, declined to identify the specific location and the size of the lease before finalizing the deal, but said it expects to move in the second half of 2024, as its looks to bring its New Jersey team under one roof and become part of Newark’s tight-knit business community.
“We want to invest where it matters,” said Jeff Lewis, McKinsey’s senior partner in New Jersey. “We think Newark matters to New Jersey —
it’s New Jersey’s largest city and
it represents entrepreneurship, resilience and diversity. It’s an environment we would like to be part of our next chapter overall, and we want to have our community together.
“Part of that is creating a more central location,” he added, citing Newark’s mass transit network, highway connectivity and its access to local, regional and global destinations.
“It’s a vibrant city. I think it has an exciting value proposition for our colleagues for what we do — being embedded in a business community, being embedded in a college campus community, being surrounded
by amenities and being part of a continued growth story for the city.
I think all of those are exciting parts of the value proposition for our colleagues, in addition to being at the center of connection ... (with) ways to access our other offices across the country as well.”
The consulting giant would be among the latest tenants at Ironside Newark, a historic warehouse that Edison Properties restored and repurposed into 456,000 square feet of office and retail space. The building is home to Mars Wrigley Confectionary’s North American headquarters, as well as architecture firm Ware Malcomb,
law firms Pearlman & Miranda
and Robinson Miller and Edison Properties’ headquarters, all of which
benefit from its location next to Newark Penn Station, the Prudential Center and other resurgent parts of the downtown.
McKinsey established its offices in Jersey City and Summit in 2008 and 2012, respectively, but is no stranger to Newark. The company in 2022 announced the launch of a new high-tech learning and innovation facility in the city, which specializes in innovative manufacturing processes in life sciences, allowing biopharma companies to see how
Ironside Newark at 110 Edison Place in Newark
digital technologies work in practice to improve operational efficiency and provide immersive, hands-on learning experiences for their workforces.
JLL’s Tim Greiner and Newmark’s Harrison Russell have represented ownership in past office deals at Ironside.
TM7
File photo/Courtesy: Edison Properties
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