A major electronics company that made a big splash when they moved to Newark over a decade ago is now looking for a tenant to occupy their Downtown office tower as Panasonic is looking to downsize their office space.
Per CoStar, Panasonic has hired real estate brokerage Newmark to be the exclusive listing agent for their 2 Riverfront Plaza property. The 330,000-square-foot office property spans 12 stories and was completed in 2013 when Panasonic relocated to Downtown Newark from Secaucus.
The listing for the property indicated that 2 Riverfront Plaza will be available via sublease through April of 2031. Panasonic is still hoping to remain in Newark despite the move and is seeking to relocate to a smaller location in the city.
Panasonic North America initially retained the brokerage to sublease only 140,000 square feet of its headquarters space but Newmark Executive Managing Director Jeff Schotz told CoStar that the company later decided it would prefer to sublease the entire building.
The company’s headquarters was a big gain for Newark at the time it was built, as the property features floor-to-ceiling windows with panoramic views of the Passaic River and Manhattan. Situated just a block from Newark Penn Station, amenities at the property include a two-story glass atrium lobby, a full-service cafeteria, and a full-floor conference center.
Office spaces have been an integral part of Downtown Newark for decades, but the area’s more recent redevelopment has focused much more on residential housing than commercial space. The shift is highlighted by a project at 10 Commerce Street that is converting a former office building into residential housing.
A plethora of major residential high-rise projects are currently underway in Newark’s Downtown core. However, several office projects, including Ironside, have added some more traditional offices to the landscape in recent years.
