Panasonic Corporation of North America announced that it has entered into a lease agreement in Newark, NJ that will serve as headquarters to some 1,000 employees and contractors beginning in 2013. Steven Pozycki's SJP Properties will develop a new, state-of-the-art, sustainable high-rise office building worth $190 million under a joint venture with Matrix Development Group. SJP is scheduled to break ground on the 12-story tower no later than this fall and is scheduled to complete the 325,000 square foot building by 2013.
"This is a very exciting time in the life of Panasonic," said Joseph M. Taylor, Chairman and CEO of Panasonic Corporation of North America. "This is the culmination of a very exhaustive process for us in which we examined all of the options available to us that would meet our needs and goals for our future as a green business technology leader. We are most grateful to the State of New Jersey and City of Newark for their support and efforts to make it possible for Panasonic and its employees to remain right here in New Jersey."
"Today is a historic, game-changing moment for the city of Newark," said Mayor Cory Booker, speaking at a press conference at One Riverfront Center, which will be adjacent to the new property. Bringing Panasonic to Newark "is the single greatest economic development accomplishment of my administration."
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