May 1, 2008
PSEG Presents Rutgers Business School With $2 Million Gift at Groundbreaking Celebration for the School’s New Headquarters in Newark
NEWARK, N.J., May 1 /PRNewswire-FirstCall/ -- PSEG has announced a $2-million leadership gift to support Rutgers Business School-Newark and New Brunswick's new, state-of-the-art facilities in downtown Newark.
The gift was announced on April 23, at an event celebrating the beginning of construction on Rutgers Business School's future home at 1 Washington Park and the launch of the capital campaign to support the school's new Newark headquarters.The contribution from PSEG follows a $5 million commitment from Prudential, announced earlier this month: $3 million for an endowed faculty chair and $2 million to support the creation of a center dedicated to business ethics and leadership in the business, non-profit and philanthropic arenas.
In announcing the gift, Richard T. Thigpen, Chairman of the PSEG Foundation and PSEG Vice President for State Governmental Affairs, said, "It's wonderful to see Rutgers Business School under new leadership and accelerating the renaissance of the City of Newark. It is evident that the business school embraces the diverse population and the growth of talent available in the State of New Jersey and the nation."
Michael R. Cooper, PhD., Dean of Rutgers Business School, spoke of the new building as just part of the plan to position Rutgers Business School as one of the premier business schools in the nation. He explains, "Rutgers Business School will be more focused on the needs of business world, cultivating strong corporate partnerships, and providing multidisciplinary management education that leverages Rutgers' global reputation in the sciences. We also, of course, emphasize providing real-world, global experiences through internships and many other corporate involvements."
Dean Cooper also discussed the school's role as an important catalyst in the revitalization of the northern end of Newark, envisioning a premier business school in the heart of a vibrant new 24-hour, university-centered city.
Said Cooper, "We are grateful to Prudential and PSEG for taking the lead as the first of our private partners to commit to supporting the 'new' Rutgers Business School. This is a winning investment on behalf of our students, the global corporate community, and the residents and businesses of Newark and New Jersey."
Noted Rutgers University President Richard L. McCormick, "It is hard to overstate the critical importance of Rutgers Business School to the future of the university, this great city, and the State of New Jersey. With this new home, Rutgers Business School will have new and invaluable opportunities to interact with business leaders, creating new synergies between their expertise and ours. 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."
New Rutgers Facilities at 1 Washington Park
The Newark programs of Rutgers Business School are scheduled to relocate to 1 Washington Park, a 17-story office tower, in the fall of 2009. The move will substantially improve the quality of the business 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.
As part of the renovations taking place at the new headquarters, a two-story pavilion will be constructed as the architectural centerpiece, consisting of soaring glass walls and distinctive "Rutgers red" tiling.
The pavilion will house an entry atrium, a new Global Market Financial Center trading room, and three large lecture halls. State-of-the-art facilities will include undergraduate, graduate and executive classrooms and meeting spaces to accommodate Rutgers Business School's Newark enrollment of approximately 3,500 students.
The building also will offer such amenities as student lounges, a cafe, and a rooftop patio that will serve as a "green space" for the building.
Students and faculty will derive tremendous benefit from the building's prime location in a global business epicenter -- near the headquarters of major corporations, and with excellent access to public transportation. With easy access to Newark Penn Station and Newark Broad Street Station, New York City is less than 20 minutes away.
The project is the second largest capital investment in Rutgers history, with $83 million committed for the purchase, complete renovation, and expansion of the facility. The project is being funded by an $18-million state appropriation, $7 million through federal New Market Tax Credits, and the balance invested by Rutgers directly. The Rutgers Business School building capital campaign seeks to raise $20 million in private funding to support the project.
"Michael Cooper joined us as Dean early last summer, and ushered in one of the most exciting phases in Rutgers Business School's history," remarked Executive Vice Dean Rosa Oppenheim. "Here we are, barely 10 months later, with a bright new vision, stimulating new interdisciplinary program initiatives and plans for enrollment expansion, increasing external recognition of our outstanding students, faculty and worldwide academic programs, and, of course, the progress towards a newly-renovated state-of-the-art business school headquarters at 1 Washington Park."
Among the other speakers at the "off-site groundbreaking" celebration, held at The Newark Club, were Steven J. Diner, Chancellor of Rutgers University in Newark; Stefan Pryor, Deputy Mayor for Economic and Housing Development for the City of Newark; William Best, Senior Vice President and Territory Manager for Community Development Banking at PNC Bank; Stanley Weeks, Executive Vice President of City National Bank; Saurabh Narain, Chief Fund Advisor for National Community Investment Fund and Senior Managing Director of Shore Bank; and John Strangfeld, CEO of Prudential.
About Rutgers Business School-Newark and New Brunswick
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. It 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 4,000 undergraduate and graduate students at two main campuses in New Jersey as well as six satellite locations in New Jersey, China, and Singapore. Steeped in academic excellence, with a distinguished faculty and a corps of over 25,000 successful alumni, Rutgers Business School is highly ranked by the Financial Times, U.S. News & World Report, Business Week, and The Wall Street Journal, and is recognized as one of the top three business schools in the greater New York City area. Alumni of the school include CEOs and CFOs of leading corporations in the United States and abroad. The school is home to numerous outreach and academic research centers. For additional information, visit http://www.business.rutgers.edu/.
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Public Service Enterprise Group (PSEG)
CONTACT: Bridget Daley, for Rutgers, +1-973-353-5177
Web site: http://www.business.rutgers.edu/