Sean Ryan is associate editor of Real Estate New Jersey

Izzo said PSE&G is looking to shed as many jobs as possible through attrition and early retirement packages, but will most likely have to resort to layoffs as the closing date nears. "We haven't gotten to a building-by-building-basis." He did admit, though, that most of the administrative jobs cut "would largely come from this building," referring to PES&G's headquarters at 80 Park Plaza in Newark.

PSE&G houses 2,500 of its 10,500 employees in the 1.1-million-sf office. Its current lease arrangement with owner Newark Urban Renewal Investors LP runs until 2015. Plans are for the new company to continue to completely occupy the building with the trimmed staff. Also, administrative facilities in Pennsylvania will be shut down, with those jobs moving here. Cecil House, vice president of customer service, suggests that with the transported jobs from Pennsylvania, there's an offhand chance of a net increase in staff at 80 Park Plaza. "There is a possibility we'll have more people here, not less."

New Jersey field operators aren't scheduled for downsizing, Izzo emphasized, since that work has to be done on site. "The strong presence we have in New Jersey has to continue. It's a business imperative. The employee impact will be felt at the management level."

Izzo presented information about the merger at a Regional Business Partnership meeting at PSE&G headquarters. The merger will create Exelon Electric & Gas, which will have a combined $28 billion in annual revenue and $70 billion in total assets, making it the largest utility in the country.

Instant Insights /

PSE&G Merger Will Cost NJ 1,000 Jobs

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