Prudential Gets $210M Tax Credit For NJ Development

Law360, New York (June 4, 2012, 5:31 PM EDT) -- The New Jersey Economic Development Authority voted unanimously Friday to give Prudential Financial Inc. a $210.8 million tax credit for its planned $444 million office tower in downtown Newark.

The 10-year Urban Transit Hub tax break will help the insurer build its 650,000-square-foot new office tower near its existing office on Broad Street with the condition that Prudential add 400 workers by 2016, according to the EDA.

Prudential has said it could add those jobs up to two years sooner, when its lease at the nearby...
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