New Lease on Life—The 1930 neoclassical edifice that housed Rutgers School of Law-Newark for two decades will soon be filled with students again—only this time, housing them.

Financing has been secured for the 17-story tower at 15 Washington Street—one of Newark’s original skyscrapers—to be converted into a dormitory, with living spaces, common rooms and even a two-story penthouse for Chancellor Nancy Cantor.