News

Rutgers Business School officially opens new facilities at 1 Washington Park in revitalized downtown Newark

October 20, 2009

NEW Visit the 1 Washington Park Opening news page

Mayor Booker declares Rutgers Business School in new state-of-the art building integral to renaissance of city

NEWARK (October 16, 2009) – With the bright lights of the stock ticker streaming over the state-of-the-art trading floor, Newark Mayor Cory Booker officially opened the new home of Rutgers Business School at 1 Washington Park with the snip of a Rutgers-red ribbon.

“This is a great day for the city of Newark and really, a great day for the entire state of New Jersey to have Rutgers Business School move into this incredible building,” said Mayor Booker.



Newark Mayor Cory Booker cuts ceremonial ribbon officially opening Rutgers Business School in the 1 Washington Park tower in downtown Newark. Left to right: Ralph Izzo, PSE&G CEO; Mayor Booker; Richard Codey, former governor of New Jersey; Michael Cooper, Rutgers Business School Dean; Linda Bowden, regional president for northern New Jersey, PNC Financial Services Group; Richard McCormick, Rutgers University President; and Steven Diner, Rutgers Newark Chancellor.

The new building has substantially improved the quality of the school’s facilities and classroom technology, while expanding its capacity to meet the rapidly increasing demand for business education and the needs of growing undergraduate and graduate student bodies.

Approximately 3,500 students from the undergraduate, graduate, Executive MBA and PhD programs are all located under one roof, in facilities that live up to the school’s academic distinction. Classrooms are equipped with smart technology, and a 130-seat café serve students and faculty.

“Every great city in America has a great business school – Boston with Harvard, Philadelphia with Wharton, Chicago with Northwestern, and we have that here today in Newark with Rutgers Business School,” said Dean Michael R. Cooper, PhD. “Rutgers Business School is ranked among the top three business schools in the greater New York City metropolitan area, and is the highest ranked in New Jersey. These new and expanded facilities — with easy and safe access to and from Manhattan as well as communities throughout New Jersey — will significantly heighten the school’s profile and augment its accessibility to a broad range of students and the business community.”

The building is showcased by a soaring glass pavilion with a Times Square-like news ticker scrolling across the outside that dominates the north end of Washington Park next to the Newark Public Library.

“Moving our business school to this strategic location in downtown Newark will contribute significantly to strengthening our business programs and increasing the visibility and reputation of the school, and at the same time will also contribute to the development of downtown Newark,” said Rutgers Newark Chancellor Steven J. Diner.

The 15,000 square-foot atrium encompasses a new trading room, three lecture halls and second and third floor student lounges. On top of the two-story entry pavilion is a rooftop sustainable garden. 1 Washington Park houses RBS classes, faculty and staff offices, departments, centers, and even has a police substation for added security.

The new headquarters location promotes the use of mass transit with the Broad Street train station and the Newark Light Rail conveniently located minutes from the building. With these options available, New York City is only a 20-minute train ride away.

“It is hard to overstate the critical importance of Rutgers Business School to the future of the University, the great City of Newark, and the State of New Jersey,” said Rutgers President Richard L. McCormick. Its location is already creating new enthusiasm, enhancing the connection among corporate giants, city government, and community and cultural leaders as they continue the renaissance of Newark.”

The facility at 1 Washington Park is the second largest capital investment in Rutgers history. A total of $83 million was committed for the purchase, complete renovation, and expansion of the facility. PSE&G, Prudential and PNC Bank were vital partners in the completion of the state-of-the-art facility.

“PNC has an established relationship with Rutgers that spans athletic sponsorships, economic development programs and, now, an investment in what will stand as the state’s leading business school,” said Linda Bowden, regional president for northern New Jersey, PNC Financial Services Group.

The 1 Washington Park project was funded by an $18-million state appropriation, $7 million through federal New Market Tax Credits, and the balance invested by Rutgers directly.

“The National Community Investment Fund is proud to have provided its New Markets Tax Credits to support the development of the Rutgers Business School and for strengthening the City National Bank of New Jersey ," said Saurabh Narain, Chief Fund Advisor, National Community Investment Fund. "By providing greater access to higher education and financial services, these two organizations will act as anchors will catalyze additional opportunities that will make Newark a place where more will want to go to learn, to work, and to live.”

Another Rutgers Business School building is to open in 2013 on the Livingston Professional Campus in New Brunswick, to be a center for Business and Professional Studies.

About Rutgers Business School
Rutgers Business School-Newark and New Brunswick is an integral part of one of the nation’s oldest, largest, and most distinguished institutions of higher learning: Rutgers, The State University of New Jersey. Founded in 1766, Rutgers Business School has been accredited since 1941 by AACSB International–the Association to Advance Collegiate Schools of Business — a distinction that represents the hallmark of excellence in management education. Today, Rutgers Business School is educating more than 4,500 undergraduate and graduate students at two main campuses in New Jersey as well as six satellite locations in New Jersey, China, and Singapore. Rutgers Business School is ranked #10 nationwide for “Most Competitive Students” by The Princeton Review; and is part of the campus that is ranked #1 in diversity nationwide by U.S. News & World Report, for 12 straight years. Full-time MBA and part-time MBA programs give excellent options for people looking to boost their careers.

Department:
Rutgers Business School – Office of Communications
1 Washington Park
Newark, NJ 07102

Contact:
Daniel Stoll
973-353-5879