Jennifer SpritzerJennifer Spritzer
We are pleased to present a ULI case study of the redevelopment of the historic Hahne & Co. building in Newark, New Jersey. This is the first in a series of case studies and briefs jointly created by ULI and Cornell University’s Baker Program in Real Estate. The Baker Program is honored to collaborate with ULI and looks forward to contributing to the continued success of these case studies and briefs, which are important resources for professionals throughout the real estate industry.
The historic Hahne & Co. building was redeveloped by a joint venture between affiliates of L+M Development Partners Inc., Prudential, and Goldman Sachs from a once grand but vacant department store into a lively mixed-use development in the heart of downtown Newark, New Jersey. Built in 1901 at 609 Broad Street, the Hahne & Co. department store had stood empty since its namesake brand closed in 1987. The building rises four stories and is now linked to a nine-story tower constructed on an adjacent parcel for a total of 528,500 square feet. This adaptive reuse includes 160 apartments—both market rate and affordable—as well as 75,000 square feet of retail space. Rutgers University leases nearly 60,000 square feet of space for a community arts collaboration space and campus bookstore, and other tenants occupy over 40,000 square feet of office space. The Grand Court located under the building’s historic skylight provides access to several commercial spaces and serves as a community gathering area. The project also includes more than 200 underground parking spaces. The redevelopment opened in phases, the first in January 2017, and it was completed in late 2018 after five years of planning and construction.
To read the complete case study, please visit ULI’s website here.