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Prudential Financial will receive a 10-year state tax credit worth up to $210.8 million to support its plans to build a new office tower in downtown Newark, New Jersey.

The Urban Transit Hub tax break was approved last Friday by the New Jersey Economic Development Authority. It’s the largest one granted in the program’s four-year history

The life insurer and annuity provider plans to build a $444 million, 650,000-square-foot-tower not far from its current offices.

Under the terms of the tax credit it received, the company must add 400 workers by 2016. But it has said it could do so by the third quarter of 2014, when construction on the new building would be nearly complete.

Prudential has about 4,740 workers in Newark and about 20,000 across the country.

Topics New Jersey