{"id":1004039854,"date":"2012-03-20T05:03:53","date_gmt":"2012-03-20T13:03:53","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004037624"},"modified":"2022-12-06T05:45:35","modified_gmt":"2022-12-06T13:45:35","slug":"pru-delays-444m-newark-tower","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/pru-delays-444m-newark-tower\/","title":{"rendered":"Pru Delays $444M Newark Tower"},"content":{"rendered":"

By Scott Baltic, Contributing Editor<\/strong>
\n

\"\"<\/a>

Image courtesy Flickr user wsilver<\/p><\/div><\/p>\n

The near-term fate of Prudential Financial\u2019s proposed $444 million, 650,000-square-foot office-tower development in downtown Newark rests with the New Jersey Economic Development Authority and the Appellate Division of New Jersey\u2019s Superior Court.<\/p>\n

Prudential\u2019s March 14, 2012, letter to the NJEDA, in which the insurance giant sought approval for moving the building\u2019s site, also asked the agency to expedite the process by considering the request at its board\u2019s April 10 meeting. The letter noted that Prudential wants to take occupancy of the new building by the end of 2014.<\/p>\n

Four months ago, the NJEDA had awarded Prudential a $250.8 million Urban Transit Hubs tax credit for the original proposal, which involved a $369 million, 600,000-square-foot building on Center Street next to the New Jersey Performing Arts Center. Prudential reconsidered, however, and now wants to construct the slightly larger building, with partially underground parking, on a 3.25-acre site some blocks away, between Broad and Halsey streets, near Military Park.<\/p>\n

As to the appellate court, it will be adjudicating, in an as-yet-unknown timeframe, a suit filed in December by three landlords at Gateway Center, where 2,000 Prudential employees currently occupy space in three buildings. Those leases expire in 2014, and 2 Gateway Center Partners, TPE Gateway III and Lichter Gateway IV are understandably unhappy at losing such a key tenant and have referred to the tax credit as \u201ccorporate welfare.\u201d<\/p>\n

One small mystery connected to the proposed move has been clarified, at least. Initial press reports indicated that Prudential\u2019s space at Gateway Center totals more than 900,000 square feet, or almost half again as much space as in the proposed tower. Yet the insurer has also committed to adding<\/em> at least 400 jobs in Newark, as part of the deal for the NJEDA tax credit.<\/p>\n

(Urban Transit Hubs must be within a certain distance, typically half a mile, of New Jersey Transit, PATH (Port Authority Trans-Hudson, a Manhattan\u2013New Jersey subway line), PATCO (a Philadelphia\u2013New Jersey transit line) or light rail stations in Newark or one of eight other New Jersey municipalities.)<\/p>\n

Those figures just didn\u2019t add up. A person who\u2019s familiar with the project, but spoke with Commercial Property Executive<\/em> on background only, stated that the space Prudential currently occupies in Gateway Center is in line with the proposed building\u2019s size, not nearly 1 million square feet.<\/p>\n","protected":false},"excerpt":{"rendered":"

The near-term fate of Prudential Financial\u2019s proposed $444 million, 650,000-square-foot office-tower development in downtown Newark rests with the New Jersey Economic Development Authority and the Appellate Division of New Jersey\u2019s Superior Court.<\/p>\n","protected":false},"author":1201,"featured_media":1004037133,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21781,21782,21808,21742,10,21747],"tags":[],"class_list":["post-1004039854","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-corporate-real-estate","category-development","category-featured","category-latest","category-northeast","category-office"],"acf":[],"yoast_head":"\nPru Delays $444M Newark Tower - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/pru-delays-444m-newark-tower\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Pru Delays $444M Newark Tower\" \/>\n<meta property=\"og:description\" content=\"The near-term fate of Prudential Financial\u2019s proposed $444 million, 650,000-square-foot office-tower development in downtown Newark rests with the New Jersey Economic Development Authority and the Appellate Division of New Jersey\u2019s Superior Court.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/pru-delays-444m-newark-tower\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2012-03-20T13:03:53+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-06T13:45:35+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2012\/03\/032012-Prudential-Logo-user-wsilver.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"480\" \/>\n\t<meta property=\"og:image:height\" content=\"270\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Nicholas Ziegler\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/pru-delays-444m-newark-tower\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/pru-delays-444m-newark-tower\\\/\"},\"author\":{\"name\":\"Nicholas Ziegler\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/ff3a837f33daecfcf8978b405eaae20c\"},\"headline\":\"Pru Delays $444M Newark Tower\",\"datePublished\":\"2012-03-20T13:03:53+00:00\",\"dateModified\":\"2022-12-06T13:45:35+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/pru-delays-444m-newark-tower\\\/\"},\"wordCount\":405,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/pru-delays-444m-newark-tower\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2012\\\/03\\\/032012-Prudential-Logo-user-wsilver.jpg\",\"articleSection\":[\"Corporate Real Estate\",\"Development\",\"Featured\",\"News\",\"Northeast\",\"Office\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/pru-delays-444m-newark-tower\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/pru-delays-444m-newark-tower\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/pru-delays-444m-newark-tower\\\/\",\"name\":\"Pru Delays $444M Newark Tower - 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