Walker House at 540 Broad St. in Newark — Photo by Aaron Houston for Real Estate NJ
By Joshua Burd
A collection of more than 200 apartments inside a newly restored, 21-story building in downtown Newark is on the verge of being fully leased.
The team of L+M Development Partners, Prudential Financial Inc. and Goldman Sachs Urban Investment Group announced this week that they’ve leased more than 90 percent of the 211 luxury rentals at 540 Broad St., also known as Walker House. The developers touted the milestone just over a year after unveiling the units, which have brought new life to the historic New Jersey Bell tower just north of Lombardy Street.
Walker House also has commercial space that will be home to operators such as Newark Local Beer, a craft brewery and taproom, along with Bada Bean Cawfee and Method Climbing, the first indoor rock-climbing gym in Newark.
“Since leasing began a year ago, the one-of-a-kind living experience that Walker House offers renters in the heart of downtown Newark has made it an obvious choice, pairing the historic building’s awe-inspiring Art Deco architecture with the comforts of modern amenities and residences, world-class views and convenient access to transit,” said Sam Chapin, associate director at L+M Development Partners. “Home to what will be Newark’s first rock-climbing gym and best brewery in town, Walker House has emerged as one of the best places to live in the area.”
The Marketing Directors is overseeing leasing for Walker House, which is minutes from the city’s train and light rail service and surrounded by parks and cultural institutions. The building includes layouts ranging from studios to three-bedrooms, with rents starting at $1,845 with one month free on a 13-month lease.
L+M led the restoration of the landmarked Art Deco tower, which was designed by famed architect Ralph Thomas Walker. The project included the renovation of its soaring lobby and brick-and-sandstone exterior, both of which were added to the U.S. National Register of Historic Places in 2005.
The building’s top floor is fully dedicated to resident amenities such as a modern fitness center and yoga studio, a library lounge and private catering kitchen, among other features, according to a news release. The amenity floor also has a rooftop terrace with outdoor seating and dining.