Prudential Financial Plans $444 Million Skyscraper In Newark

Posted by Orb Staff on March 19, 2012 No Comments
Categories : Commercial Mortgage

11126_prudential_financial_profit_declined_by_5 Prudential Financial Plans $444 Million Skyscraper In Newark Prudential Financial has announced that it will construct a $444 million skyscraper for 2,000 employees in downtown Newark, N.J.

The Newark Star-Ledger reports that the new commercial property will be located around the Military Park section of the city; the company had initially planned to build on a site near the New Jersey Performing Arts Center, also in Newark. Prudential Financial has requested that the state's Economic Development Authority amend its application for $250.8 million in tax credits for the new skyscraper, which will take up a full city block covering 3.25 acres.

Prudential's proposed tower would cover 650,000 square feet and include a 1,600-car parking garage. Prudential already owns 12 of the 19 parcels on the proposed construction site, and it is under contract to acquire the remaining parcels.

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