Consumer electronics giant Panasonic wants to sublease its North American headquarters in Newark, New Jersey, and relocate to a smaller location in the city.
The Japanese company chose Newmark as the exclusive listing agent for 2 Riverfront Plaza, a 337,543-square-foot office property. The 12-story building that Panasonic moved to in 2013 from Secaucus, New Jersey, will be available for sublease through April 2031, according to Newmark.
Panasonic North America initially retained the brokerage to sublease just 140,000 square feet of its headquarters space, Newmark Executive Managing Director Jeff Schotz told CoStar News on Tuesday. However, the company later decided it would prefer to sublease the entire building if possible, according to Schotz.
Panasonic doesn't need anything close to its current headquarters, and will be looking for a new and smaller Class A office property within Newark, the Garden State's biggest city, Schotz said.
Newmark described the Riverfront Plaza property as offering plug-and-play space that can be available to prospective tenants seeking immediate occupancy.
The building features 28,380-square-foot floor plates and floor-to-ceiling windows with panoramic views of the Passaic River and Manhattan. Its amenities include a two-story glass atrium lobby, the Panasonic Innovation Center, a full-service cafeteria, a 125-seat training facility and a full-floor conference center.
Tenants will have covered access to Newark Penn Station, providing easy access to NJ Transit, Amtrak, PATH trains and local bus services. The building is 22 minutes from Midtown Manhattan via NJ Transit, 15 minutes by car from lower Manhattan and 4.5 miles from Newark Liberty International Airport, according to Newmark.
For the record
Jeff Schotz, Jeff Kolodkin and Andrew Kirshenbaum, in collaboration with the firm’s Global Corporate Services group, secured the sublease assignment.