Prudential Financial Inc. has hired Skanska to build the first two phases of a three phase office tower development in Newark, New Jersey. The contract value is $117 Million, though Prudential has estimated the entire project will cost about $444 million.
The first phase of the project calls for a 20-story high-rise office tower, with a total area of about 732,000 square feet. The second phase is an adjoining 1,400-space parking structure with 50,000 square-feet of retail space on the ground level. The project aims to achieve LEED Gold certification.
The third phase, which Prudential has not committed to, would be a second tower on the same site which could rise to 21-stories according to renderings by architectural firm Kohn Pederesen Fox Associates.
SJP Properties is the developer behind the project. SJP also developed Prudential’s completed 427,000 square-foot, nine-story building and five-level, 2,500-car parking garage in Woodbridge, New Jersey, in 1999.
The Newark tower is being financed with the help of a $211 million tax credit under New Jersey’s Urban Transit Hub program. Prudential plans to relocate hundreds of employees currently working in other buildings in the city, along with 400 new employees.
Construction has begun and is expected to be completed in March 2015.