On Dec. 2, NJ Transit and Horizon Blue Cross Blue Shield of New Jersey began the process of exploring opportunities to redevelop Penn Plaza East, the organization’s former headquarters, which are located adjacent to the historic Newark Penn Station. The project would look to turn the former headquarters into a premier, mixed-use development. The two-phase process would also include a new headquarters for Horizon located in downtown Newark.
“The redevelopment of our former headquarters property is a key step in advancing our real estate strategy and our commitment to unlocking new value from our assets,” said NJ TRANSIT President and CEO Kris Kolluri. “Aligned with the recent launch of our LAND Plan, this project reflects our disciplined approach to generating incremental revenue for NJ TRANSIT, while contributing to economic growth across the state and in cities such as Newark through new jobs, housing and long-term investment.”
NJ Transit, through its real estate broker Jones Lang LaSalle Americas, Inc. (JLL) in conjunction with CBRE representing Horizon, is inviting potential developers to state their interest in the project by Dec. 31. Developers can request a copy of a Confidential Information Memorandum (CIM).
Interested developers may receive an invitation to attend a future Information Sharing Event hosted by JLL and CBRE. The event will provide an opportunity to learn more details from JLL and CBRE about the anticipated timeline of the development.
“Penn Plaza East’s multi-faceted, future-facing redevelopment will be a crowning jewel in Newark’s continuing ascent toward next-level vibrancy and prosperity,” said Newark Mayor Ras J. Baraka. “By continuing to call Newark home and redoubling their commitment to our community, Horizon and NJ TRANSIT serve as national models of corporate social responsibility. Their investment will create new spaces for living, working and recreation, enliven our downtown, enhance our riverfront, and attract residents eager to benefit from the most extensive tri-state rail network in the nation. Newark embraces this collaboration with full support for the broader public private partnership that it represents.”
NJ Transit sees the location as a perfect opportunity for a mixed-use, multi-housing development with breathtaking views of the Passaic River and the Manhattan skyline. It also offers quick and easy access to Newark Penn Station. The plan can create up to 1,000 units of residential development in a premier location.