Newark Case Study: Bringing New Life to The New Jersey Bell Headquarters Building at 540 Broad

NEWARK, NJ – A few weeks ago, we wrote an article about Prudential’s contribution to revitalizing Newark, with an emphasis on their stake in the new 540 Broad Street New Jersey Bell Headquarters Building. This week, we hear from Jon Cortell, Vice President – Real Estate Development, L&M Development Partners, Inc. about how and why his firm got involved with this project (also known as the “Verizon building” to some), as well as their other recent activity. “An iconic building of Verizon’s stature is a project that anyone interested in development would choose to be involved with,” says Cortell. “We are very much committed to the redevelopment and on-going success of the Hahne’s building, which a great many have contributed to. The Hahne’s project has made us feel as though there are great possibilities and opportunities in this space. No better of an example is that is the 20 story, Art-Deco clad building at 540 Broad Street.” Cortell says he joked about the replenishment of this building because it is very clear. The restoration and adapted reuse of an existing building, along with, among other sources, federal tax credits, comes with its own challenges. “These transactions require not only a painstaking structural process (in order to absorb the credits into the deal). But also in a climate where people don’t know where the federal budget is going. Questions we don’t really want to have to confront,” he explains. “That said,…