Panasonic's North American headquarters in Secaucus, NJ no longer met the company's objectives for talent, energy efficiency and branding.
BLS & Co. was engaged to evaluate multiple destinations for the headquarters, both in the NY / NJ metro area as well as locations in CA, IL and GA where the company has surplus real estate capacity.
BLS & Co. was successful in securing a package of state and local incentives in connection with Panasonic’s decision to anchor a new Class A office tower in downtown Newark, including an Urban Transit Hub Tax Credit award and local grants through the Redevelopment Area Bond program.
Panasonic now occupies 10 floors of the 12-story building at Two Riverfront Plaza, Newark’s first new office building in more than 20 years. Designed to achieve Leadership in Energy and Environmental Design (LEED) gold certification for new construction and LEED platinum certification for interiors, 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.
CoreNet Global recognized the Panasonic project team with a 2013 Economic Development Leadership Award for spurring economic development, investment and employment in the Brick City.
- 340,000 square feet of new construction
- 1,000 retained jobs
- More than $122 million of capital investment
- $112 million of incentives