Newark unveils first speculative office space plans in 30 yrs

New York

PLANS were unveiled on Tuesday for the transformation of a Newark warehouse into a mixed-use project that would include the city's first speculative office space in at least 30 years.

Edison Properties, a Newark-based real estate developer, is making a US$75 million equity investment in the 42,400 square-metre project, said Daniel Ivers, a company spokesman. Plans call for two storeys of retail and restaurant space, and six floors of offices. The site borders Mulberry Commons park and will connect Newark's Pennsylvania Station with Prudential Centre, home to the New Jersey Devils hockey team.