NULLRutgers Business School announced last week that it has opened its new headquarters at 1 Washington Park, in Newark, a few blocks north of its previous location. Rutgers occupies the first 11 of the 17 floors at the office tower for facilities that include undergraduate, MBA, Ph.D. and executive classrooms, and meeting spaces to accommodate some 3,500 students.
The school purchased its space in the 23-year-old former Verizon Communications building from Millburn-based Fidelco Realty Group in 2006 for $31.5 million, then spent $51.5 million to renovate and expand the space, according to Rutgers.
The expansion involved the construction of an adjoining two-story, 15,000-square-foot entry glass pavilion, which features a news ticker on its exterior and connects the entrance lobby with the south side of the main building, the school said. The pavilion also includes a trading room and three primary lecture halls that can hold 80 to 100 students.
The Rutgers Business School project is the second-largest capital investment in Rutgers history, the school said, and was funded with an $18 million state appropriation and $7 million in federal New Markets Tax Credits, with Rutgers investing the remainder.