When global consulting firm McKinsey & Company decided to consolidate its New Jersey offices, the partners confidently decided on Newark.
“We want to invest where it matters,” Jeff Lewis, McKinsey’s senior partner in New Jersey told Real Estate New Jersey. “We think Newark matters to New Jersey—it’s New Jersey’s largest city and it represents entrepreneurship, resilience and diversity.”
As Newark continues to redefine its identity as a viable city, businesses are taking notice and relocating to the downtown area.
The downtown district is home to several corporate headquarters such as Audible, Prudential Financial, Horizon Blue Cross Blue Shield of New Jersey, PSEG and Panasonic Corporation of North America. Cultural institutions such as New Jersey Performing Arts Center and the Newark Museum of Art contribute to the vibrancy of downtown Newark.
Historically, the major industries in Newark are insurance, banking and education. However, technology startups are also positioning their headquarters in the downtown area as local venture capital firms and incubators nurture these firms’ development.
Factors such as affordable rent, available warehouse space and vibrant cultural institutions makes Newark a viable contender for businesses—big and small—to call Brick City home.
Major universities such as New Jersey Institute of Technology and Rutgers University-Newark are producing a talent pool that has the potential to continuously fuel the industries that the city is relying on to spur continued economic growth.
Not to mention, Newark’s accessibility to local and regional hubs through mass transit and highways as well as international destinations via Newark International Airport also is an incentive for businesses looking to lay their foundation here.
Here’s a look at some of the companies and organizations that are making Newark their headquarters, actively supporting urban renewal and economic growth.
VHB Civil Engineering
Civil engineering firm VHB contributed to the Trans-Hudson Rapid Transit Study and several industrial site redevelopments for the City of Newark. In December 2023, VHB announced they were expanding their operations to an office in Newark.
Tom Stein, VHB’s director of Newark operations, stated, “Our new office was born from our dedication to unlocking Northern New Jersey’s immense potential while driving strategic growth,’’ Tom Stein, VHBs director of Newark operations, told New Jersey Business. “We’re excited to bring our experience and passion for innovation to the region on a larger scale, working closely with local stakeholders to shape a future that benefits us all.”
McKinsey & Co Global Consulting
The global consulting firm announced its decision to move to Newark in 2023. Company leaders have decided to lease space at Ironside Newark by mid 2024. An estimated 700 employees are expected to transition to the new space from offices in Jersey City and Summit.
McKinsey’s move to Newark is the outgrowth of its budding relationship with other businesses and organizations. In 2022, the company launched a high-tech learning and innovation facility in Newark. The space specializes in allowing biopharmaceutical companies to understand the power of digital technologies while also providing professional development opportunities for employees.
In addition, McKinsey & Co has provided pro bono work for University Hospital and the Newark Museum of Art.
“It’s a vibrant city. I think it has an exciting value proposition for our colleagues for what we do—being embedded in a business community, being embedded in a college campus community, being surrounded by amenities and being part of a continued growth story for the city,” Jeff Lewis, senior partner, told Real Estate New Jersey.
Geraldine R. Dodge Foundation
When the Geraldine R. Dodge Foundation announced its decision to relocate to Newark, it was a testament to the nonprofit organization’s long standing mission of repairing socio economic inequities and structural racism while also supporting economic growth and development.
The foundation’s new headquarters will be at 550 Broad Street, the former home of First National State Bank building. Fidelco Realty Group is responsible for the building’s redesign which includes an updated lobby, fitness center and cafe along with event and co-working spaces.
“We are so proud that the Dodge Foundation has chosen to make 550 Broad its new headquarters,” said Kerri B. Levine, a vice president with Fidelco Realty Group told Real Estate New Jersey, “As Fidelco continues to redevelop this historic gem, our goal is to create a community for entrepreneurs and nonprofits, providing opportunities for businesses looking to relocate to Newark and participate in strengthening the community and its powerful resurgence. No organization better embodies this vision than The Dodge Foundation.”
Lionsgate Newark Campus
It’s no secret that New Jersey officials have been actively lobbying Hollywood film and television producers to use the state–especially Newark–to shoot their projects. And Lionsgate is already listening.Construction is currently underway for Great Point Studios, a film and television production facility that will expand across 12-acres in Newark. The $125 million project is a partnership between Lionsgate, NJPAC and television/film producer Robert Halmi. With 300,000 square feet and five sound stages, the facility is slated to entice producers who want to take advantage of incentive programs such as 30% or 35% tax credit as well as a 2% or 4% diversity bonus, according to Choose New Jersey.
Movies such as “The Joker” and “The Many Saints of Newark” were produced in Newark—showing the film industry that the city is a viable location for production.
“Newark is a place where people come if they can’t get it done in New York if it’s too intricate, or whatever,” Steven Gorelick, executive director of the New Jersey Motion Picture & Television Commission told CoStar. “And the cooperation here has been amazing.” —Femi Lewis
