Developer L+M Development Partners, Prudential Financial and Goldman Sachs Urban Investment Group has selected brokerage firm Jones Lang LaSalle to market 63,492 square feet at 540 Broad St. in Newark, NJBIZ has learned. The property fronts Military Park and is steps from the Rutgers Newark Business School and Audible.
“We’re excited to bring JLL on board to lease up what will be a tremendous space for businesses looking to establish themselves in Newark,” Jon Cortell, Vice President for Development at L+M Development Partners said. “Newark’s unique energy and burgeoning downtown community presents an excellent opportunity for businesses to thrive. Coupled with the historic nature of this Ralph Walker masterpiece, we know tenants will find a lot to love.”
JLL will lease the second, third and fifth floors of 540 Broad St. Timothy Greiner, executive managing director and Blake Goodman, EVP of the brokerage will oversee the assignment.
The Bell Building, according to L+M Development, is set to be converted into 263 residential units – 20 percent of which have been designated for moderate income housing – 17,000 square feet of retail space with 63,492 square feet of office space.
“L+M Development Partners specializes in developing and managing high-quality buildings that serve local communities,” Greiner said. “The firm plans to convert the former Bell building into a mixed-use property, with office and retail space on the bottom floors and several hundred apartments on the top 15 floors. L+M has already seen great success in Newark with its redevelopment of the former Hahne and Co. flagship department store building.”
“The office space at 540 Broad Street will have its own entrance on Lombardy Street, with a brand-new lobby,” said Goodman. “We’re planning to create loft-style office space for the vacant floors, with the design typing into throwback historic restoration launched by ownership.”
Verizon is a current tenant at 540 Broad St.
The property was built in 1929 for the New Jersey Bell Telephone Co. by architect Ralph Thomas Walker. And in 2005, the lobby and exterior were added to the US National Register of Historic Places.
“The project is L+M and Prudential’s latest investment in the revitalization of Downtown Newark in partnership with the Goldman Sachs Urban Investment Group and Citi Community Capital, both of which are providing financing for the project,” L+M said in a news release. “Earlier this year, the partnership re-opened the historic Hahne & Co. building at 609 Broad St. The former iconic department store, which sat abandoned for nearly 30 years, was transformed into a mixed-use complex featuring residences, an arts and cultural center operated by Rutgers University-Newark, Newark’s first Whole Foods Market and Marcus Samuelsson restaurant Marcus B&P.”