Grand opening of environmentally friendly 20-story building is highlight of company’s 140th anniversary celebration
NEWARK, N.J., September 29, 2015 - Prudential Financial, Inc., officially opened its new office tower at a ribbon cutting attended by John Strangfeld, chairman and CEO of Prudential, Cory Booker, U.S. Senator from N.J., Ras Baraka, Mayor of Newark, Donald Payne, Jr., U. S. Representative from New Jersey, Kim Guadagno, Lieutenant Governor and Secretary of State of N.J., and many more dignitaries from the surrounding Newark area.
Located at 655 Broad Street and designed by Kohn Pedersen Fox, the 740,000-square-foot, 20-story building is the workplace of nearly 3,000 Prudential employees and has expanded the company’s Newark campus. The new tower is located two blocks from Prudential’s global corporate headquarters at 751 Broad Street and three blocks from its Washington Street building.
“Prudential has called the city of Newark home since our founding, and our commitment to ensuring the success of this vibrant community has been steadfast,” said Strangfeld. “We’re proud of this new office tower—it’s a beautiful, state-of-the-art, eco-friendly building. But it’s more than that. It’s also a reaffirmation of our dedication to Newark and a symbol of the bright future that lies ahead for the city and our company.”
To further support urban renewal in the neighborhood around the tower, Prudential has made more than $150 million in investments in downtown revitalization projects, such as the redevelopment of the historic Hahne & Co. Building, the restoration of Military Park and the conversion of the former National State Bank building into Hotel Indigo. These projects, along with other investments, are helping revive the area that once served as Newark’s town commons through the addition of:
- Over 300,000 square feet of retail development;
- Nearly 1,000 units of housing, with roughly 20 percent set aside for affordable housing;
- 250 new hotel rooms; and
- Ultra-fast free public Wi-Fi
“Prudential’s new tower serves as a powerful symbol of Newark’s transformation and the company’s 140-year commitment to its hometown," said Lata Reddy, vice president of corporate social responsibility at Prudential and president of The Prudential Foundation. "In partnership with Newark’s residents and our corporate and civic partners, we are catalyzing strategic investments that will help realize our goal of building a stronger, more vibrant city."
“The City of Newark welcomes the new Prudential Tower to our skyline and our community,” said Newark Mayor Baraka. “This impressive structure speaks of an urban renaissance. It has revitalized the downtown community and brought renewed energy to area businesses. Prudential’s example is assisting us in transforming downtown Newark into a vibrant destination for employers, workers, residents and visitors alike.”
The building has many environmentally friendly features, including:
- A water conservation system that provides 80,000 gallons of rainwater retention irrigation;
- Energy-efficient water chillers, heaters and other fixtures;
- Two living green walls, including one with a design derived from Prudential’s iconic “ Rock” logo;
- A 50,000-square-foot rooftop terrace featuring a jogging path; and
- Electric car charging stations in the parking garage.
The tower’s grand opening also marks the launch of “20 Stories of Strength,” a campaign to celebrate the new building and commemorate the history Prudential shares with Newark. Using the hashtag #20StoriesofStrength, Prudential will share photo and video vignettes on Instagram, Facebook and Twitter. These engaging, social media vignettes will highlight 20 community champions who are writing the story of Newark.
Prudential was founded in a basement office on Newark’s Broad Street in 1875 and has remained in the city ever since. Since its founding, Prudential has invested $391 million throughout the city and has made significant grants to enhance civic infrastructure, such as the construction of the New Jersey Performing Arts Center and Prudential Center; to boost the economy and job market through investments in companies like AeroFarms and new startup accelerator Newark Venture Partners; and to improve educational outcomes for Newark students by supporting charter schools.
Prudential Financial, Inc. (NYSE:PRU), a financial services leader with more than $1 trillion of assets under management as of June 30, 2015, has operations in the United States, Asia, Europe, and Latin America. Prudential’s diverse and talented employees are committed to helping individual and institutional customers grow and protect their wealth through a variety of products and services, including life insurance, annuities, retirement-related services, mutual funds and investment management. In the U.S., Prudential’s iconic Rock symbol has stood for strength, stability, expertise and innovation for more than a century. For more information, please visit www.news.prudential.com.
Editor’s Note – Photos available upon request.