NEWARK, NJ-A New Jersey Appeals Court has upheld the $211-million tax credit awarded to Prudential Financial to build its new office tower here.
The court rejected the arguments made by Prudential's current landlord at the Gateway Center in downtown Newark. The ruling clears a major hurdle for the insurer to break ground on its planned $444-million office tower on Broad Street, according to the Star Ledger.
Prudential received the 10-year tax credit from the state Economic Development Authority last year for its new building that will, upon completion, create 400 new jobs at the company. The new building will also house 2,000 relocated workers from the Gateway Center. The 20-story tower will also create approximately 2,000 construction jobs. See story in the Star Ledger.
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