NJ Transit and Horizon Blue Cross Blue Shield of New Jersey have begun the process of exploring opportunities to redevelop Penn Plaza East, its former headquarters building adjacent to the historic Newark Penn Station into a potential premier mixed-use development.
The project is a two-phase process that also includes a new headquarters for Horizon in downtown Newark.
NJ Transit, through its real estate broker Jones Lang LaSalle Americas, Inc. (JLL), in conjunction with CBRE representing Horizon, is inviting potential developers to register their interest by Dec. 31.
“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.”
“Penn Plaza East’s multifaceted, 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.”
Interested developers who receive the CIM may be invited to attend a future Information Sharing Event hosted by JLL and CBRE. The Information Sharing Event will provide an opportunity for JLL and CBRE to share further details of the anticipated timeline and to answer questions submitted by participants in advance of or during the ISE.
Located within the city’s Newark River Redevelopment Plan, the site could accommodate up to 1,000 units of residential development in addition to integrated retail and structured parking. It is also within proximity to Newark’s historic Ironbound neighborhood.
