NJ TRANSIT & Horizon BCBS Look to Redevelop Former Newark Headquarters Site

On Dec 2, 2025

NJ TRANSIT and Horizon Blue Cross Blue Shield of New Jersey have begun 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.

JLL and CBRE, Inc. are working together on behalf of NJ TRANSIT and Horizon on the project, which is expected to result in a new residential complex of up to 1000 units at 1 and 3 Penn Plaza East. The project plan also includes a new single-tenant 250,000 square foot Class A building that would serve as Horizon’s new headquarters.

“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 Dec. 31 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.

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