Newark, New Jersey, USA – Lotus Equity Group announced plans to develop the United States’ largest mass timber office building as part of Riverfront Square, Newark’s most ambitious redevelopment project. Designed by visionary architecture firm Michael Green Architecture, the first commercial building in the project will encompass up to 500,000 square feet of Class A office space designed to enhance tenant wellness and environmental sustainability.
Riverfront Square will transform one of the downtown area’s most important sites into a thriving 24/7 community. The 11.8-acre site sits adjacent to the waterfront, steps from NJ Transit’s Broad Street station – accessible to Midtown Manhattan in 18 minutes – and complements the future Riverfront Park designed by the internationally acclaimed James Corner Field Operations. Riverfront Square is Newark’s most ambitious mixed-use project and is expected to provide up to 2,000 residential units, large and small-scale retail, cultural and public open space, a hotel, 2 million square feet of office space, and parking spaces in the heart of downtown.
Environmental advantages of timber-built buildings are largely derived from its construction. Trees absorb and hold carbon until they decompose or are burned, while the manufacture of concrete and steel accounts for an estimated 10 percent of greenhouse-gas emissions.
“To build the nation’s largest timber building in Newark speaks to the confidence and belief we have in the city and Riverfront Square as a world-class location that can compete with any great city around the world,” said Ben Korman, Chief Executive Officer and Founder of Lotus Equity Group.