Skanska signs additional contract for Prudential's office tower in Newark, US
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Skanska signs additional contract for Prudential’s office tower in Newark, US

13 Oct 2013

Skanska has signed an additional contract, worth about $220m, to construct the new officer tower for Prudential Financial in Newark, New Jersey, US.

Prudential Financial office tower

Skanska has signed an additional contract, worth about $220m, to construct the new officer tower for Prudential Financial in Newark, New Jersey, US.

The construction firm said the deal will be included in order bookings for Skanska USA Building for the third quarter of 2013.

Phase one of the project includes a 20-storey office tower, with a total area of around 68,000m².

The second phase will feature an adjoining 1,400-space parking garage with 50,000ft² of retail space on the ground level.

Phase three, which Prudential Financial is reported to have not committed to, may feature a second tower on the same site, which could rise to 21 storeys, designed by architectural firm Kohn Pederesen Fox Associates.

The project is expected to secure LEED Gold certification from the US Green Building Council.

Construction work on the project has started and is expected to be complete in early 2015.

Prudential Financial has an unresolved lawsuit for the project, which is part of its plan to vacate about 1 million ft² of space at three of the city’s Gateway buildings, where its leases expire in 2014.

The Newark tower, which is being developed by SJP Properties, is being financed with the help of a $211m tax credit under New Jersey’s Urban Transit Hub programme.

SJP Properties previously developed Prudential’s 427,000ft², nine-storey building and five-level, 2,500-car parking garage in Woodbridge, New Jersey, in 1999.


Image: The first phase of the project includes a 20-storey office tower with a total area of about 68,000m². Photo: Courtesy of Skanska.