In 1959, Japan-based Matsushita Electronics established a foothold in the United States. On its 54th anniversary today, the company, now known as Panasonic Corporation of North America, opened its new state-of-the-art headquarters in Newark with a lobby full of politicians and workers watching from a balcony.
Although staff has been in the building for several weeks, Gov. Chris Christie cut the ceremonial ribbon today, noting the building was an example of the bipartisan “partnership government should have with business.”
Christie said projects such as the 340,000-square-foot building aren’t possible “unless both parties work together. … As I look around this room, I may be the only damn Republican here. But that’s OK. Me and (state Sen.) Joe Kyrillos (R-Monmouth).”
Gov. Chris Christie addresses the crowd at Panasonic's grand opening of its new headquarters in Newark as employees watch from above.
Newark Mayor Cory Booker, who is campaigning for the U.S. Senate seat, did not attend because of a scheduling conflict, according to James Allen, a spokesman. Deputy Mayor Adam Zipkin and Business Administrator Julian Neal represented the city, along with council members.
Essex County Executive Joseph DiVincenzo, a Democratic ally of Christie, called it “a great day for the city of Newark.”
When he asked, however, how many of the Panasonic employees watching from a balcony were from Essex County, he received almost no response.
Panasonic received a $102 million Urban Transit Hub tax credit in 2011 from the state while it explored moving from Secaucus to an out-of-state location. Among other conditions, the electronics giant pledged to create 200 new jobs over the next 10 years.
Jon Whiten, deputy director of New Jersey Policy Perspective, said, “We’re all for job creation and economic development, and we’re glad to see Panasonic stay in New Jersey, but we have to look at the costs as well. Was it worth $102 million in taxpayer dollars to simply move the company’s 800 jobs 10 miles down the road?”
Jeff Tittel, president of the New Jersey Sierra Club, said state incentive programs don’t create jobs, they “just enrich developers and corporations at the expense of taxpayers.”
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Joseph Taylor, chairman and CEO of Panasonic, said that unlike other electronics companies that had opted to relocate out of state, “we decided we were going to stay, and I couldn’t be more thrilled with that decision.”
Panasonic signed a 15-year lease for the 12-story building developed jointly by SJP Properties and Matrix Development Group. It is the first new office building for Newark in more than 20 years.
“We are beginning an exciting chapter at Panasonic,” said Taylor. “The development team has delivered a world-class headquarters for our employees that is a true model for environmental responsibility.”
Panasonic’s goal has been to reduce its carbon footprint 50 percent. The building, designed by the architecture firm Gensler, aimed for Leadership in Energy and Environmental Design gold certification for new construction, as well as LEED platinum certification for interiors.
Panasonic will rent 10 floors and lease out the third and fourth floors.
According to its application with the state Economic Development Authority, Panasonic will have two five-year renewal options at an estimated $44 per square foot.