Indeed, several projects have been proposed here as this city's rebirth increasingly appears to have legs. The Edison/Rockefeller project, mixing two of the most recognizable names in US business history, would rise 22 stories, including 18 stories of offices totaling 350,000 sf, and the rest parking. Construction is being tied to signing an anchor tenant, as is the case with most major construction in the market, and most observers expect that tenant to be named shortly.

"We have been talking to a lot of people, and we are very excited about this project," according to Rock Development SVP Les Smith, Jr., who similarly suggests that something "is in the works" as far as an anchor tenant.

"We wouldn't be going public with this project unless there have been some conversations with a user," adds Jerry Gottesman, president of Edison. "We have been actively discussing this project with several firms based in Manhattan."

The building site is at 50 Commercial St., a piece of vacant land owned by Edison. But that will be no simple parking garage here: the site is at one end of Newark's planned waterfront redevelopment project, which will include several office towers, at least one hotel, a marina and other uses. It's near the existing Blue Cross/Blue Shield tower, and a block from Newark's Penn Station and Gateway office complex.

For Edison, it's the company's first commercial development beyond its parking garage/deck business and personal storage facilities. It does own some office buildings in the metro area, but has never done one from the ground up. If all goes well, several other Edison parcels along this city's McCarter Highway could also end up as office buildings.

Instant Insights /

Parking Garage Operator Edison Plans Venture with Rockefeller

Related Stories

Recommended For You