Major Corporation Will Keep Its Headquarters In NJ's Largest City, Sell 2 Other Buildings

NEWARK, NJ — Prudential Financial is putting two of its office buildings in Newark on the market, but will be keeping its global headquarters in New Jersey's largest city, the company announced Wednesday.

Prudential said it plans to sell its Plaza and Washington buildings and consolidate its headquarters in the Tower Building, supplemented by leased space. The company's global headquarters will remain in Newark, spokespeople said.

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Prudential said the transition is expected to take place over several years, with no immediate changes for employees.

"As Prudential becomes a more focused company, we are aligning our real estate footprint with our strategy and future ways of working," spokespeople said this week. "Establishing the Tower Building as Prudential's global headquarters will create a more connected workplace and enable more efficient use of resources."

"Newark remains Prudential's home and we are proud to remain part of the community," the company added.

In an op-ed published on NJ.com, Prudential CEO Andrew Sullivan said several of the company's Newark buildings are underutilized. The money saved by giving up unneeded space will go toward people, technology and serving customers, he said.

Prudential previously told Patch that the company's commitments to Newark have included more than $500 million in infrastructure projects, $438 million in "impact investments" and $197 million in grants to nonprofits over the past decade.

These contributions include a Community Grants Program that provides local Newark organizations, individuals and small businesses with micro-grants to support projects that create vibrancy in their neighborhoods.

Prudential's latest real estate decision comes in the wake of another major corporate announcement involving the city. In July, Mars Wrigley said it is moving its global headquarters out of Newark and setting up shop in Chicago.

In addition to Prudential, the Brick City remains home to several other major companies, including Audible, Panasonic, PSE&G and Horizon Blue Cross Blue Shield of New Jersey.

WARN NOTICES

The state labor department has released multiple Worker Adjustment and Retraining Notification Act (WARN) notices involving Prudential's operations in Newark over the past year.

WARN notices offer protection to workers, their families and communities by requiring employers to provide notice 60 days in advance of plant closings and mass layoffs.

Recent notices include:

• Prudential (March) – 54 workers affected (May 7 to June 7 effective date)
• Prudential Insurance Company of America (May) – 53 workers affected (July 17 effective date)
• Prudential Insurance Company of America (July) – 89 workers affected (Sept. 18 effective date)
• Prudential Insurance Company of America (September) – 125 workers affected (Nov. 28 to Dec. 31 effective date)

"Prudential is building a more focused, efficient company positioned for long-term growth," a spokesperson said when asked about the WARN notices in Newark.

"As part of that effort, we are simplifying how we operate and making targeted changes across the organization to better align our workforce and resources with our highest strategic priorities," they added. "These decisions are never easy, and we are committed to treating affected employees with care and respect."

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