JLL & CBRE launch major Newark redevelopment offering: 1,000 units & new 250,000 s/f Horizon HQ

NEWARK, NJ — JLL and CBRE, Inc. are working together on behalf of NJ Transit and Horizon Blue Cross Blue Shield of New Jersey (Horizon) to solicit interest in a potential premier mixed-use development opportunity that would result in a new residential complex of up to 1000 units at 1 and 3 Penn Plaza East, currently the site of office properties owned by NJ TRANSIT and Horizon. The project plan also includes a new single-tenant 250,000 s/f class A building that would serve as Horizon’s new headquarters in Newark.

Both the redevelopment and office building sites will require approvals from the City of Newark and need to satisfy other regulatory requirements. The potential project anticipates utilizing New Jersey Economic Development Authority’s ASPIRE Transformative Project program, a powerful tax-credit incentive designed to close financing gaps for large-scale, mixed-use projects that drive long-term urban revitalization. Under the ASPIRE program, only one applicant may apply, but that entity can be comprised of a joint venture.

Both Penn Plaza properties are assumed to be delivered vacant, enabling development of the 3-acre riverfront parcel into a premier multi-housing community. Both development sites will be located nearby the well-connected Newark Penn Station, NJ’s second-largest train station served by both AMTRAK and NJ TRANSIT.

JLL and CBRE invite interested developers to register by December 31, 2025, to request the Confidential Information Memorandum (CIM), which outlines the potential opportunity. Those who receive the CIM may be invited to a future Information Sharing Event (ISE) to review timeline details, evaluation criteria, sample financial models, and submit questions.

Both the CIM and ISE are for informational purposes only and do not constitute a solicitation or professional advice.

JLL is representing NJ TRANSIT in the transaction; and CBRE is representing Horizon Blue Cross Blue Shield.

“Horizon and NJ TRANSIT have been neighbors for 30 years and it is very gratifying to be part of a coordinated effort that results in both organizations remaining in Newark while advancing the City’s redevelopment aspirations,” said Gil Medina, executive VP of CBRE. “As technology continues to improve how Horizon serves its members, the company’s new headquarters will allow it to operate more efficiently and in a smaller footprint, while offering its employees and guests a modern, collaborative environment in the heart of Newark.”

“This project is the realization of many months of discussion on transforming two older office buildings at a premier waterfront location with unobstructed views of the NY skyline into a vibrant mixed-use development,” said Ron Simoncini, executive VP of JLL. “The ASPIRE program facilitates just this sort of opportunity, and in addition to our gratitude to the amazing collaboration of Horizon and NJ TRANSIT, the Murphy Administration deserves credit for energizing the development community.”