Panasonic Moving North American Headquarters From Secaucus To Newark
NEWARK, NJ (AP / CBSNewYork) - Electronics giant Panasonic is moving its North American headquarters from Secaucus to Newark.
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Newark Mayor Cory Booker said that the deal is "historic.''
Panasonic is currently headquartered in nearby Secaucus. It will reportedly receive $102 million transit hub tax credit from the New Jersey Economic Development Authority for the move.
The company's current landlord is challenging the grant.
New Jersey Lt. Gov. Kim Guadagno and Panasonic executives joined mayor Booker at a press conference Wednesday to formally announce the deal.
The company was reportedly considering Brooklyn, Atlanta, Chicago or California for a new North American headquarters.
But, in the end, Panasonic Chairman and CEO Joseph Taylor said, "We're staying in New Jersey and we're moving to Newark."
The new headquarters will be located a block from Penn Station and will bring with it 1,000 jobs.
"Don't underestimate the construction jobs that are going to be created," Booker told WCBS 880 reporter Levon Putney. "This is really about us as a state making a larger play to keep a corporation that was being wooed by Brooklyn [and] Marty Markowitz, by California, and others."
Secaucus Mayor Michael Gonnelli opposes the move, saying one New Jersey community shouldn't be taking business from another.
"You know, it's gonna be really hard to find a tenant to fill that kind of space," says Gonnelli, who is against the state tax credit that Panasonic is using to move. "What we're really afraid of [is] it's gonna set a precedent."
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