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Construction & Design

L+M celebrates opening of restored Newark Walker building

Ribbon-cutting ceremony commemorates the opening of 264-unit mixed-income residence with office and retail space in the historic Art Deco building at 540 Broad Street.

Newark Mayor Ras J. Baraka yesterday joined L+M Development Partners, Prudential Financial, Inc. and Goldman Sachs Urban Investment Group (UIG) in partnership with Citi Community Capital formally opened Walker House, the fully restored, landmarked former home of NJ Bell in Downtown Newark.

The opening of the 264-unit mixed income residence with office and ground floor retail space at 540 Broad Street was celebrated this morning with a ribbon cutting ceremony, marking the complete restoration of the Art Deco masterpiece, portions of which were added to the U.S. National Register of Historic Places in 2005.

L+M CEO Ron Moelis and Managing Director Jonathan Cortell, Prudential Vice President Ommeed Sathe and Goldman Sachs UIG Managing Director Sherry Wang were joined by Mayor Baraka, New Jersey Housing and Mortgage Finance Agency (NJHMFA) Executive Director Charles Richman, Citi Community Capital Head of Municipal Finance John Heppolette, New Jersey Community Capital President Wayne Meyer and National Trust Community Investment Corporation Project Manager William Fiederlein to commemorate the Newark landmark’s reopening.

“The renovation and revitalization of this historic building is an important step in transforming our downtown,” said Mayor Baraka.

“In the past few years, we have seen the renovation of Military Park, a new Prudential skyscraper, restoration of the Hahne’s Building and the grand opening of Mulberry Commons, just to name a few. In Walker House, the partnership of L+M, Prudential and Goldman Sachs UIG, has proven once again, that the inspired repurposing of our landmark buildings is a necessary part of planning for Newark’s future.”

Ron Moelis, CEO & Founder Partner of L+M Development Partners. “As with Hahne’s before it, we’re celebrating the city by restoring one of its most iconic buildings.”

Designed by famed architect Ralph Thomas Walker in the 1920s, the 21-story Walker House will feature a brewery and rock climbing gym, and in April welcomed Per Scholas, the tech training non-profit, to its office space.

The restoration of the building includes the renovation of its lobby and brick-and-sandstone exterior.

L+M, Prudential and Goldman Sachs UIG launched leasing for Walker House’s 211 luxury residences last month. 53 affordable units were leased through a lottery in 2018.

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