Newark’s Tech Revival And The Redevelopment That Comes With It
Fueled by redevelopment and financial backing from leading technology companies, politicians and venture capitalists, Newark's tech scene is growing.
At C&K Properties' renovated 2 Gateway, one of four buildings in the 2.6M SF Gateway Center, world-class office amenities complement unmatched access to transportation. Underground, a network of fiber optic cables offers the fastest internet connection in the region.
This past February, Broadridge Financial Solutions signed a long-term lease for 160K SF at 2 Gateway Center. The financial technology leader, which provides communications, technology, managed services, data and analytics solutions to financial firms in 16 countries, will move approximately 1,000 jobs to Newark, attracted to 2 Gateway's internet connectivity and transportation options.
The stage is set for innovative companies and entrepreneurial minds to come to Newark. It has happened before.
Major advancements in electricity, computing and the arts came out of New Jersey between the mid-1800s and 1900s. Thomas Edison opened factories in Newark, Menlo Park and West Orange in 1867, forming the basis of what would later become Con Edison. The former AT&T Bell Telephone Laboratories opened its Garden State facility in the earlier half of the 20th century, creating the first fax, laying the groundwork for digital processing and synchronizing moving pictures and audio.
The Gateway Center, which began construction in 1971, sought to bring entrepreneurial minds back to the city. The mix of office, retail and hospitality space replaced the Mulberry Arcade and several old hotels and pawn shops. Like the New Jersey Performing Arts Center in 1997, the new complex increased interest in Newark.
Over 30 years later, 2 Gateway was the first building to adopt Newark Fiber last year. A public-private partnership, offering either 1,000 MB or 10,000 MB internet speed, the network is built on infrastructure from years of strong telecommunications presence. The building was also the first in New Jersey to earn Wired Certified Platinum designation from WiredScore.
The enclosed pedestrian walkway to Newark Penn Station also gives commuters direct access to NJ Transit, PATH, Newark Subway, Light Rail and Amtrak lines. Manhattan is just 15 minutes away. Capitalizing on a direct connection to the largest transportation hub in New Jersey, the Gateway Concourse's daily rush of visitors can enjoy a variety of dining options, in addition to 2 Gateway's very own coffee bar and and laptop bar.
Commuters alone will not transform Newark. Tech growth, and the economic benefits that follow, have to come from the community.
Former Newark Mayor and current Sen. Cory Booker helped create Newark Venture Partners, a $50M accelerator fund for tech startups. Current Mayor Ras Baraka has continued the trend with free coding camps and hack-athons.
At 2 Gateway, art programs and collaborations with statewide media further enrich the community.
In April 2015, The Gateway Project signed a 25K SF lease in the building. Originally a temporary pop-up art gallery, the new, three-floor facility offers 60 rentable studios, exhibition space and an artist residency program. Each of the studios is affordable, and oriented toward mid-career artists with socially conscious work. The daily foot traffic represents invaluable exposure for local talent, and the building frequently holds events like jazz shows.
New Jersey’s public television network opened its new 11K SF studio space on the second-floor concourse of the building that same year. Weeknight news programs, “NJTV News with Mary Alice Williams,” “On the Record” and “Reporter's Roundtable” call the studio home. Broadcast to all 21 counties, the shows brings a piece of Newark to every corner of the Garden State.
Live tapings add some excitement in the routine of the tenants and commuters that pass through the lobby.
Visitors will feel connected and engaged. While not specific to the needs of the tech industry, 2 Gateway has the most essential building block of any emerging tech hub: quality of life.
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