Panasonic Corporation of North America has signed a lease extension for its headquarters in Newark, according to real estate advisory firm Newmark Grubb Knight Frank.
NGKF said in a news release that Panasonic signed both an expansion and extension at 2 Riverfront Plaza, where it moved three years ago from Secaucus.
“Major tenants, such as Panasonic, are seeing the advantages of moving to Newark,” NGKF’s Jamie Ragucci said in a prepared statement. “The Hudson waterfront is getting really expensive.”
The electronics giant signed a lease for 337,552 square feet, the firm said. NGKF’s Timothy Greiner, executive managing director, and Ragucci, director, represent Panasonic’s portfolio.
“Two Riverfront Plaza was constructed and designed as a world-class corporate headquarters,” Greiner said in a statement. “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. The building checks all the boxes.”
The NGKF team is marketing 57,896 square feet of space on two floors for sublease through May 2031, the firm added.
“This sublease provides a rare chance to occupy two full floors of first-generation space in downtown Newark’s most modern building,” Greiner said.
The building was built in 2013.