New 20-story tower a symbol of commitment to Newark, Prudential says (PHOTOS)

The project, which officially introduced itself to the city in a ceremony Tuesday, is a reminder of the company's commitment to the city, officials said.

NEWARK -- From a fifth floor outdoor patio in the new Prudential Financial tower Tuesday, a small group of company executives gathered Tuesday, listening to the sounds wafting up from Military Park below. The buzz of the park's weekly farmer's market, complete with a throng of local shoppers and melodic tunes being played in the square, could be heard in the background as state and local officials joined Prudential to formally welcome its new building.

The environment, Prudential Financial executives said, was exactly as it should have been.

"Prudential is more than just a business that happens to be in Newark," Lata Reddy, the vice president of corporate social responsibility, said in an interview after the company officially cut the ribbon on its newest tower in the city.

"It is a company that is part and parcel of Newark."

The new $444 million glass office building on Broad Street is located just a stone's throw away from the company's headquarters at 751 Broad Street.

The 740,000 square foot, 20-story building has been in the works for about four years, Prudential executives said. In that time, the financial company has added about 1,000 positions to its Newark-based operation, many of which are now housed in the new building.

The decision to build the tower in the city's downtown was an easy one, Reddy said.

"We knew that we had an opportunity...to continue to contribute to the economic development of the city. By placing it in the heart of downtown, we figured we could have the largest impact."

In conjunction with the tower, the company said it has invested in about $150 million worth of revitalization projects surrounding the new building, including restoration projects at the former Hahne & Co. building (which will include a new Whole Foods), and in Military Park. The project also includes 47,000 square feet of retail development.

Prudential Chairman and CEO John Strangfeld called the entire project "a reaffirmation of our dedication to Newark and a symbol of the bright future that lies ahead for the city and our company."

The finance company traces its beginnings to a basement office on Broad Street in 1875. Throughout its 140-year history, the company has remained in the state's largest city. About 3,000 of the company's nearly 48,000 employees across the globe will be located in its new Newark tower.

Local and state officials, including Lt. Gov. Kim Guadagno, Senator Cory Booker, and County Executive Joseph DiVincenzo, gathered at its ceremonial opening Tuesday singing Prudential's praises for its ongoing commitment to the city.

"We are here about a family member," Central Ward Councilwoman Gayle Chaneyfield-Jenkins said during the ribbon-cutting ceremony. "A family member who stayed true...Prudential is our family."

Prudential Financial's headquarters, located a few blocks from its new building. (Steve Hockstein | Bloomberg)

In addition to all of the outside investments, the building, itself, makes a sizable footprint on the city's downtown. At 309 feet tall, the Kohn Pedersen Fox-designed building spans two city blocks along Broad Street and includes a 19-story atrium, 3,700 square foot employee gym, a high tech trading floor, and 1.1 million LED light-up media wall.

It's design, Prudential Senior Vice President of Enterprise Services and Financial Systems Richard Hummers said, is understated.

"Prudential's culture (is not) ostentatious," he said. "We wanted (the building) to be current, contemporary, and state-of-the-art. We wanted it to be iconic, but we didn't want it to be...flashy."

That design, he said, translated itself into an eco-friendly building that includes two living green walls, a 50,000 square foot rooftop terrace, electric car charging stations in its parking garage, and a built-in water conservation system.

Altogether, city and company officials said the investment will be one that will continue to contribute to the area for years to come.

"This is Newark," Mayor Ras Baraka said to the crowd at the ceremony. "It's a proud moment to be mayor."

Jessica Mazzola may be reached at jmazzola@njadvancemedia.com. Follow her on Twitter @JessMazzola. Find NJ.com on Facebook.