Panasonic Corp. of North America CEO Joseph Taylor — Courtesy: Tim Larsen/Office of the Governor
By Joshua Burd
Panasonic Corp. of North America has extended and renewed its lease for a total of 337,552 square feet at its three-year-old Newark headquarters, the company’s broker said Wednesdsay.
In a news release, Newmark Grubb Knight Frank said it represented the electronics giant in the deal at 2 Riverfront Plaza, where it has housed its headquarters since relocating from Secaucus in 2013. NGKF Executive Managing Director Timothy Greiner and Director Jamie Ragucci exclusively represent Panasonic’s portfolio and are also 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,” Greiner said in a prepared statement. “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.”
The property was built in 2013 with Panasonic as its anchor tenant and awarded the certification of LEED Gold for core and shell, while Panasonic built the interior to LEED Platinum, the news release said. 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,” Ragucci said. “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.”
