Panasonic Corporation Extends Lease of Headquarters in Newark

On Sep 22, 2016

Rutherford-based Newmark Grubb Knight Frank (NGKF) announces the completion of an expansion and extension for 337,552 square feet at 2 Riverfront Plaza in Newark, for Panasonic Corporation of North America, as a continued demonstration of confidence and support for Newark’s growing economy. Panasonic relocated its headquarters three years ago from a corporate campus in Secaucus. 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. Additionally, Newark is more easily accessible by personal vehicle than most Hudson waterfront areas, so it is often favored by suburban New Jersey companies who want an urban environment, but whose employees drive to work.

“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. While most popularly regarded as a consumer electronics company, it encompasses much more. It is a global provider of comprehensive solutions for businesses as well as consumers — solutions for the home, the office and mobility. Panasonic Corporation of North America is the principal North American subsidiary of Osaka, Japan-based Panasonic Corporation.

Related Articles: