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NJ Giving Pru Financial $210M Tax Credit

Prudential Financial will receive a 10-year state tax credit worth up to $210.8 million to support its plans to
build a new office tower in downtown Newark.

Prudential Building in Newark
Prudential Building in Newark (Prudential)

The Urban Transit Hub tax break was approved Friday by the New Jersey Economic Development Authority. It’s the largest one granted n the program’s four-year history

The life insurer and annuity provider plans to build a $444 million, 650,000-square-foot-tower not far from its current offices.

 

Under the terms of the tax credit it received, the company must add 400 workers by 2016. But it has said it could do so by the third quarter of 2014, when construction on the new building would
be nearly complete.

Prudential has about 4,740 workers in Newark and about 20,000 across the country.

(Copyright 2012 by The Associated Press.  All Rights Reserved.)

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