infoTECH Feature

January 14, 2011

Panasonic Headquarters Rumored to Move

Relocation may be in the works for Panasonic (News - Alert) Corp. The company has been eyeing property in Brooklyn, NY, which is where it may move its current headquarters from Secaucus, NJ.  But the New Jersey Economic Development Authority has also approved a huge amount of money for tax credits if Panasonic moves to Newark instead and stays within New Jersey’s borders.

Panasonic would gain $102.4 million in tax credits if it moved to Newark – a pretty attractive sum. The Authority looks like it’s actively trying to keep the company in the state. Laura Jones, spokeswoman for the Authority stated, “This is about keeping jobs in the state and growing the economy." The number of jobs totals about 800,according to the Wall Street Journal.

Sources said that Panasonic is checking out the MetroTech Center development and the Atlantic Yards development, both sites located in Brooklyn and controlled by Forest City Ratner. The Atlantic Yards is also the new site of a basketball arena for the New Jersey Nets.

Jim Reilly, a spokesman with Panasonic stated, "At this point no decision have been made," and made no mention of Panasonic’s rumored move out of Secaucus.

The location of Panasonic’s potential Newark headquarters would occupy 250,000 square feet with a 15-year lease, should the company decide to relocate there. The state of New Jersey has already approved the site and development.


Juliana Kenny graduated from the University of Connecticut with a double degree in English and French. After managing a small company for two years, she joined TMC (News - Alert) as a Web Editor for TMCnet. Juliana currently focuses on the call center and CRM industries, but she also writes about cloud telephony and network gear including softswitches.

Edited by Juliana Kenny

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