Developer Lotus Equities announced it is set to build the country’s largest mass timber office building at the site of the former Newark Bears Stadium, now called Riverfront Square. The building, designed by Michael Green Architecture is set to encompass up to 500,000 square feet and will aim to cater to tenant wellness and environmental sustainability.
“To build the nation’s largest timber building in Newark speaks to the confidence and belief we have in the city and Riverfront Square as a world-class location that can compete with any great city around the world,” Ben Korman, CEO and founder of Lotus Equity Group said in a release. “The vision we share with Michael Green is to design the most environmentally sustainable office tower that enhances the health of tenants and the surrounding communities through efficient planning and green design. When you merge these benefits with Newark’s emerging technology sector, Riverfront Square is primed to help companies attract and retain valuable talent.”
The Cushman & Wakefield team of John Picco, Peter Van Duyne, Sean Brady, Alex Lachmund and Christina Politan are set to market the project in an exclusive basis.
Riverfront Square, according to Lotus Equities, is an 11.8-acre site adjacent to the Newark Broad Street station that will eventually house 2,000 residential units, retail and open space, a hotel and up to 2 million square feet of office space.
“As companies continue to prioritize sustainability, wellness and innovation, buildings like this have become extremely attractive to tenants across industry sectors,” Picco said. “Newark is a growing business community, already home to noteworthy companies like Audible, Panasonic and Prudential, and Riverfront Square represents an opportunity for companies growing in or moving to the New York metro area to enter a highly desirable live, work, play development unlike any other.”