Public Service Enterprise Group today announced it has renewed the lease on its corporate headquarters, in Newark, through 2030.
A spokeswoman said the energy company considered "other urban centers in our utility service area, by the likes of Trenton and New Brunswick" before deciding to stay at the 26-story tower and three-story office building at 80 Park Plaza, where it has been based since 1978.
A 2010 report in The Star-Ledger said the utility sought incentives from the Economic Development Authority to build a new tower in New Jersey, but the spokeswoman declined to comment on that report, saying "at the end of the day, we decided it made sense to stay in our existing facilities. A big part of it was being near mass transit."
In a statement, PSEG President and CEO Ralph Izzo said, "The finances and logistics worked and allowed us to stay in downtown Newark."
In a statement, Newark Mayor Cory Booker said PSEG is "a good neighbor and has been a generous corporate citizen." The company has been in Newark for more than 100 years, according to the spokeswoman for the utility.
Under the terms of the 15-year lease, arranged by Colliers International New Jersey, PSEG and the property's landlord, Wells Real Estate Investment Trust II, will make infrastructure improvements to the 1 million-square-foot building, such as floor-by-floor temperature controls and new lighting, which are expected to produce millions of dollars in energy savings for the company within the next four years.