The basics:
- Prudential plans to sell its Plaza and Washington buildings in Newark
- Employees will consolidate at Prudential Tower
- Transition expected to take several years
- Prudential says Newark will remain its global headquarters
Watch this space: Newark stalwart Prudential Financial plans to sell two of its three office buildings in the city in the coming years, CEO Andrew Sullivan revealed Wednesday.
Announcing “the next chapter” in an op-ed on NJ.com, the executive reiterated the company’s commitment to the Essex County seat. The business will consolidate team members at Prudential Tower, with plans to lease additional office space in Newark. Pru has had its headquarters in the city its entire 150-plus years of existence.
The move underscores the evolution in the larger office sector, as it adapts to hybrid work arrangements, smaller teams and more collaborative spaces. Looking toward the future, Sullivan said Prudential’s physical spaces must evolve along with the business.
“We are aligning our real estate footprint with our strategy and future ways of working,” Sullivan said in a statement shared with NJBIZ. “Establishing the Tower Building as Prudential’s global headquarters will create a more connected workplace and enable more efficient use of resources. Newark remains Prudential’s home and we are proud to remain part of the community.”
Sullivan clarified there are no immediate changes for employees. And that the transition will take several years.
Making moves
Prudential plans to sell:
- Prudential Plaza Building 751 Broad St. — completed in 1942
- Prudential Washington Building 213 Washington St. — completed in 1960
It debuted the Prudential Tower at 655 Broad St. in downtown Newark in 2015. The introduction of the 20-story, 740,000-square-foot building coincided with the company’s 140th anniversary. At the time, Pru said it would ultimately assign 3,000 employees to the location. The current figure was not immediately clear. SJP Properties developed the project, designed by Kohn Pedersen Fox. A $210 million state tax credit supported the build.
In his piece, Sullivan cited the costs of retaining underutilized buildings. “By putting those resources to work elsewhere, we can invest more in the people, technology and capabilities that help us serve customers and meeting their changing needs,” he wrote.
The plan is also an opportunity to create a modern – and improved – workplace for Prudential employees. “We want to make it easier to bring teams and capabilities together across the company,” according to Sullivan. “More modern, collaborative environments can help our people solve problems and work across teams more effectively.”
Reiterating the company’s commitment to its hometown, Sullivan made clear “this does not represent a separation from Newark.” According to Prudential, it has committed more than $1.2 billion to the city over the past decade.
With $1.6 trillion in assets under management, Prudential reported net income of $985 million in the second quarter, compared with $533 million for Q2 2025.
Prudential declined to provide additional details regarding brokers for the properties hitting the market or plans for the additional space it says it will lease in Newark.
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