Prudential Financial has announced that it will construct a $444 million skyscraper for 2,000 employees in downtown Newark, N.J.
The Newark Star-Ledger reports that the new commercial property will be located around the Military Park section of the city; the company had initially planned to build on a site near the New Jersey Performing Arts Center, also in Newark. Prudential Financial has requested that the state's Economic Development Authority amend its application for $250.8 million in tax credits for the new skyscraper, which will take up a full city block covering 3.25 acres.
Prudential's proposed tower would cover 650,000 square feet and include a 1,600-car parking garage. Prudential already owns 12 of the 19 parcels on the proposed construction site, and it is under contract to acquire the remaining parcels.
