NEW JERSEY—Prudential Financial has received approval for a 10-year tax credit worth up to $210.8 million from the New Jersey Economic Development Authority, which would support Prudential’s plans to construct a new office tower in Newark.

Plans for the building, which would be situated on Broad Street across from Military Park, include 650,000 sq. ft. of space. Prudential would move approximately 2,000 workers from the Gateway Complex to the new site at the end of 2014.

Under the tax credit, Prudential would need to add 400 jobs at the Newark building by 2016.