The lease agreement was finally released for New Jersey Transit’s new headquarters at Two Gateway in Newark. The transit agency will spend more than $440 million over 25 years to rent eight floors of Two Gateway Center – moving its operations from the building it owns just down the street. In a statement, NJ Transit said its current headquarters needed about $120 million in renovations, and that the lease agreement provides the best value for taxpayers.
There’s been some controversy over the deal, which began when reporting by NorthJersey.com revealed that the building was the most expensive option – and that discussions with the building’s owner began before the agency started soliciting bids. Today, Republican lawmakers are calling for hearings over a lack of transparency in the bidding process, and are asking why the agency chose the most expensive option as it faces financial woes.
NJ Transit expects to occupy the new headquarters by the end of 2024.
