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Riverfront Square Places Spotlight on Newark's Ongoing Transformation
Cushman & Wakefield's Picco Reflects on the Market, Infrastructure, Connectivity and More
How would you define the state of the Newark market?
Picco: Newark today is truly a success story in the works. It has enjoyed a wave of development over the past several years – including new office, residential and entertainment product. In short, this is a burgeoning market with great potential – think of it as analogous to what Brooklyn was 15 years ago. Lotus Equity Group, Riverfront Square's developer, has tapped into this momentum at the right time. Space coming online in New York is at historically high rents. If Governor Murphy continues the Grow NJ benefits program, tenants could get into new construction at Riverfront Square for under $15 foot, depending on number of employees. That is astounding when you compare it to rents in to Manhattan, Brooklyn and Long Island City. Newark is a hot spot with a bright future, and awareness is on the rise. The highest-profile evidence can be found both in this project and in Amazon's short-listing Newark among its top choices nationwide for its second headquarters.
Beyond Amazon, what other tenants are targeting Newark?
Picco: With the new tech boom and surge in TAMI (Technology, Advertising, Media and Information)
In what way is Newark's transit infrastructure coming into play?
Picco: Here's a place that is less than 20 minutes by train from NY Penn Station, which makes it a convenient commuting alternative to the outer boroughs. The west-of-Hudson urban draw has worked incredibly well for Jersey City and Hoboken. Newark offers that same appeal – perhaps even more so in that it is a true urban center. It is home to Newark Penn Station, served by Amtrak, NJ Transit and PATH trains, as well as multiple bus carriers; and has light rail and bus service citywide. Newark Liberty is a major International Airport, and its Terminal A is undergoing a multi-billion-
Newark is known for its connectivity, which also must be working to its advantage.
Picco: Newark truly is one of the most connected cities in the northeast – which is a major advantage for technology-heavy operations. In fact, this has been another major contributor to its appeal to TAMI companies. The city houses the East Coast Telco Hotel and an abundance of cable, Telco networks, AWS Cloud Direct Connect and subsea cable connections. Newark also houses a massive dark fiber infrastructure that positions it to offer one of the country's most powerful and inclusive networks. Already, Newark's Firebolt Wi-Fi is the fastest, largest, free outdoor public Wi-Fi network in the country. Funded by Audible, and Prudential and The Military Park Partnership, it launched in 2015 and covers a two-mile stretch of the city's downtown.
How will Riverfront Square help to define the Newark of tomorrow?
Picco: The 500,000-square-
Evelyn Weiss Francisco