Panasonic is signing a new 15-year lease that will...
Panasonic is signing a new 15-year lease that will move its U.S. headquarters to Newark, N.J., by 2013, the company said. The CE company will lease 250,000 square feet in a proposed 410,000 square foot building that will be built…
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along a riverfront on land owned by SJP Properties and Matrix Development Corp. Panasonic’s plans to relocate 800 employees from its Secaucus, N.J., headquarters were unveiled at a news conference Wednesday that included Newark Mayor Corey Booker and Panasonic North America CEO Joseph Taylor. Panasonic’s headquarters’ complex in Secaucus is spread across several buildings and about one million square feet, including a 700,000-square-foot warehouse vacant for many years. Panasonic’s 800 employees are down from about 4,000 at the headquarters’ peak. Panasonic, which has been based in Secaucus since 1976, decided to move after being offered up to $102.4 million in potential tax credits. Panasonic will qualify for an Urban Transit Hub tax credit if it brings at least 250 jobs to Newark by 2016 and creates another 200 positions within 10 years, the New Jersey Economic Development Authority has said. If no new jobs are created, Panasonic will only qualify for 80 percent of the tax credit, the state agency said. Panasonic maintained that the 800 jobs were “at risk” if it moved outside New Jersey. The company had considered space in Atlanta, Brooklyn, N.Y., California and Chicago. The state authority found those positions to be “new” jobs. Panasonic’s landlord at the Secaucus facility, Hartz Mountain, sued the company in March in New Jersey Superior Court, maintaining the development agency acted outside its authority. Panasonic filed a motion asking to have the case decided by September. Panasonic’s lease in Secaucus expires in March 2013.