Prudential Tower in Newark brings more than 1,000 jobs
NEWARK, N.J. — Prudential Financial’s recently completed 20-story office tower on Broad Street resulted in more than 1,000 temporary jobs and 400 permanent ones. More jobs are expected in the near future, as a result of the project.
“There is nothing more satisfying in this job than to see a project you put your heart and soul into come to fruition when you are still around to see it,” said Acting Gov. Kim Guadagno. “Six years ago, there were no cranes up in Newark. Nothing was being built. Now, with government working in full partnership with business, we’re seeing a rebirth in our urban centers that we could have only imagined a few short years ago.”
The 740,000-square-foot tower was built partially with the support of a more than $210 million tax credit approved by the EDA board in 2012. The project included the creation of 400 new jobs and was built with the capacity to house an addition 750 new employees over time. The construction of the Tower also created approximately 1,300 construction jobs. In addition to the new Tower, Prudential will maintain 160,000 square feet of office space at Three Gateway Center in Newark. Over time, the taxpayers will see a net benefit of $250 million to the state.
Source: Office of the Governor