2 Riverfront Plaza in Newark — File photo
By Joshua Burd
Panasonic Corp. of North America has listed its iconic headquarters in Newark for sublease, tapping Newmark as the agent for the nearly 338,000-square-foot building.
The brokerage team on Monday said the full space at 2 Riverfront Plaza was available for sublease through April 2031, providing what it described as a high-end, plug-and-play option along McCarter Highway and steps from Newark Penn Station. Panasonic, which opened the built-to-suit tower in 2013, continues to occupy the entire 12-story building while it plans its relocation to a smaller Class A space in the near future.
Newmark Executive Managing Director Jeff Schotz, Senior Managing Director Jeff Kolodkin and Associate Director Andrew Kirshenbaum are working alongside the firm’s Global Corporate Services group to spearhead the 337,543-square-foot sublease assignment.
“The location of 2 Riverfront Plaza is unparalleled in its convenience and accessibility,” Schotz said. “Panasonic’s continued presence in Newark reinforces its longstanding support for the city, while this sublease opportunity offers prospective tenants a chance to move into a highly desirable and vibrant part of New Jersey.”
The technology giant unveiled the space to great fanfare in 2013 as part of a high-profile project by SJP Properties and Matrix Development Group, marking Newark’s first new office tower in 20 years. It moved from Secaucus with the help of a $102.4 million state tax credit under the now-defunct Urban Transit Hub Tax Credit program, helping to spark a construction boom in the city and put it on the radar of major investors.
SJP and Matrix sold the tower in 2016 for some $165 million to KFH Capital Investment Co. Weeks earlier, Panasonic had renewed and extended its lease through May 2031.
Newmark noted on Monday that 2 Riverfront Plaza has 28,380-square-foot floor plates, floor-to-ceiling windows that maximize natural light and panoramic views of the Passaic River and Manhattan. Notable amenities include a two-story glass atrium lobby, the Panasonic Innovation Center, a full-service cafeteria, a 125-seat training facility and a full-floor conference center.
The building’s interiors hold platinum certification under the U.S. Green Building Council’s Leadership in Energy and Environmental Design scale, while the core and shell holds gold certification, according to a news release. Additionally, ownership made a significant investment to improve air quality throughout the building and installed rooftop solar panels that generate some 46,000 kilowatts of energy for the building.
Tenants will have covered access to Newark Penn Station for connections to NJ Transit, Amtrak, PATH trains and local bus services, the news release said. The building is 22 minutes from Midtown Manhattan via NJ Transit, 15 minutes by car from Lower Manhattan and 4.5 miles from Newark Liberty International Airport, while providing quick access to major roadways such as New Jersey Turnpike, the Garden State Parkway and routes 1, 9, 440 and 280.