NJ TRANSIT BEGINS PROCESS TO REDEVELOP FORMER NEWARK HEADQUARTERS SITE
Two-Phase Plan Could Bring a Modern, Mixed-Use Development Adjacent to Newark Penn Station; Relocate Horizon Blue Cross Blue Shield of New Jersey To New Building in Newark
December 2, 2025
NEWARK, NJ – Today, NJ TRANSIT and Horizon Blue Cross Blue Shield of New Jersey began the process of exploring opportunities to redevelop Penn Plaza East, its former headquarters building adjacent to the historic Newark Penn Station into a potential premier mixed-use development. The project is a two-phase process that also includes a new headquarters for Horizon in downtown Newark.
“The redevelopment of our former headquarters property is a key step in advancing our real estate strategy and our commitment to unlocking new value from our assets,” said NJ TRANSIT President and CEO Kris Kolluri. “Aligned with the recent launch of our LAND Plan, this project reflects our disciplined approach to generating incremental revenue for NJ TRANSIT, while contributing to economic growth across the state and in cities such as Newark through new jobs, housing and long-term investment.”
“Penn Plaza East’s multi-faceted, future-facing redevelopment will be a crowning jewel in Newark’s continuing ascent toward next-level vibrancy and prosperity,” said Newark Mayor Ras J. Baraka. “By continuing to call Newark home and redoubling their commitment to our community, Horizon and NJ TRANSIT serve as national models of corporate social responsibility. Their investment will create new spaces for living, working and recreation, enliven our downtown, enhance our riverfront, and attract residents eager to benefit from the most extensive tri-state rail network in the nation. Newark embraces this collaboration with full support for the broader public private partnership that it represents.”
“Horizon is excited to work together with NJ TRANSIT to support the mayor’s vision and create new opportunities that bring more residents and retail businesses to the area around Penn Station,” said Doug Falduto, Horizon’s Vice President Administration and Chief Security Officer. “We have called Newark home since our founding nearly 100 years ago. An essential element of this plan is a new headquarters to be built and financed by the developer that allows Horizon to remain in Newark and continue to serve our members in the most financially responsible way possible.”
NJ TRANSIT, through its real estate broker Jones Lang LaSalle Americas, Inc. (JLL), in conjunction with CBRE representing Horizon, is inviting potential developers to register their interest by December 31, 2025 HERE to request a copy of a Confidential Information Memorandum (CIM).
Interested developers who receive the CIM may be invited to attend a future Information Sharing Event hosted by JLL and CBRE. The Information Sharing Event will provide an opportunity for JLL and CBRE to share further details of the anticipated timeline and to answer questions submitted by participants in advance of or during the ISE.
Led by JLL and CBRE, NJ TRANSIT envisions its former headquarters and Horizon headquarters at 1 Penn Plaza East and 3 Penn Plaza East, as a prime opportunity for premier mixed-use, multi-housing development on three acres with sweeping, unobstructed views of the Passaic River and Manhattan skyline. It also offers easy access to historic Newark Penn Station. Located within the city’s Newark River Redevelopment Plan, the site could accommodate up to 1,000 units of residential development in addition to integrated retail and structured parking. It is also within proximity to Newark’s historic Ironbound neighborhood, known for its restaurants and vibrant community.
About NJ TRANSIT
NJ TRANSIT is the nation's largest statewide public transportation system providing more than 925,000 weekday trips on 263 bus routes, three light rail lines, 12 commuter rail lines and through Access Link paratransit service. It is the third largest transit system in the country with 165 rail stations, 62 light rail stations and more than 19,000 bus stops linking major points in New Jersey, New York and Philadelphia.
About Horizon Blue Cross Blue Shield of New Jersey
Horizon Blue Cross Blue Shield of New Jersey, the state’s leading health solutions company, and its affiliates provide a wide array of medical, dental, vision and prescription insurance products and services. Horizon is leading the transformation of health care in New Jersey and working with doctors and hospitals to make health care more affordable for our members and customers. Learn more at: www.HorizonBlue.com Horizon BCBSNJ is an independent licensee of the Blue Cross and Blue Shield Association serving approximately 3.5 million members.