Recently, New Jersey Governor Chris Christie and Lt. Governor Kim Guadagno addressed assembled Panasonic Corporation of North America employees at the future site of the company’s headquarters in Newark, NJ. The Governor and Lt. Governor commended Panasonic’s decision to remain and grow in New Jersey. Panasonic Chairman & CEO, Joseph Taylor addressed city, county and state officials, developers as well as company employees, thanking them for their continued support.
Panasonic’s new, state-of-the-art, sustainable high-rise office building will be constructed by Matrix Development Group and SJP Properties adjacent to Newark’s One Riverfront Center. The structure will be home to 1,000 Panasonic employees and contractors, beginning in 2013. The new facility will total 410,000 square feet, with 250,000 square feet leased to Panasonic.
“This project was a great collaboration between government at all levels and demonstrates a commitment to creating jobs,” said Panasonic Corporation of North America Chairman and CEO, Joseph M. Taylor. “Panasonic is committed to serving as a worldwide green business technology leader, and our planned office tower in Newark will allow us to meet and exceed our goals now and in the future.”
New Jersey Governor Chris Christie also cited Panasonic’s choice of relocation to Newark as an example of a trend. “This is another success story about one of our largest businesses choosing to stay in New Jersey, and [us] continuing to grow and invest in our state and people,” Governor Christie said. “This project directly benefits New Jerseyans by keeping over 800 jobs here, creating up to 200 new, permanent positions and spurring the private investment of an estimated $190 million in one of our key urban centers. Our agenda to lower costs, improve the business climate and create jobs is having an impact, with Panasonic’s decision, the latest example of a global company that is choosing to call New Jersey home. Creating good-paying Jersey jobs for our families is a top priority of my Administration. This is why $2.35 billion in targeted, impactful tax cuts to spur growth and job creation were a core aspect of my budget, and why we will continue to take strong action to get our economy moving.”
Panasonic’s decision to have its North American headquarters remain in the state of New Jersey has also encouraged further pro-growth, job creation initiatives such as the proposed “Grow NJ” economic development program. The NJ Business Action Center worked closely with Panasonic to help encourage the company to remain in New Jersey and the Economic Development Authority (EDA) approved an award of up to $102.4 million through the Urban Transit Hub Tax Credit Program to support the company’s move to Newark.