Panasonic eyeing Downtown Brooklyn HQ

TRD NEW YORK /
Jan.January 14, 2011 10:14 AM

Panasonic’s North America unit is mulling a move from New Jersey to Downtown Brooklyn despite the promise of over $100 million in tax credits if the company were to stay within the state, the Wall Street Journal reported. Among the locations on its radar: MetroTech Center and Atlantic Yards. Panasonic, whose U.S. operations are currently headquartered in Secaucus, was approved for up to $102.4 million in tax breaks by the New Jersey Economic Development Authority this week if it relocates to Newark instead of New York City. The Newark location would be 2 Riverfront Center, a planned 410,000-square-foot office building by SJP Properties and Matrix Development Group in which the electronics giant would take 250,000 square feet on a 15-year lease. A spokesperson for Panasonic said no decisions have been made, and that the company is still considering all its options, including staying put in Secaucus. Around 800 jobs would be affected by its decision. [WSJ]


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