Lord, Abbett & Co. LLC has donated $1 million to Jersey City Medical Center to help build an expanded maternity wing at the hospital, which is located in the same city as the investment management firm's headquarters.
The donation celebrates the firm's 90th anniversary, and it represents one of the "founding pillars" of the firm's charitable giving, said Kristen Maple, a Lord Abbett partner and chief administrative officer. Education, environment, medical innovation and encouraging community involvement are the four pillars.
"Corporate and social responsibility is very important" to the firm's leadership, Ms. Maple said.
The 17,500-square-foot Lord Abbett Maternity Wing will feature 20 private rooms "to promote bonding and provide the best outcomes for newborns, mothers and families," a medical center news release said.
"The Lord Abbett donation will expand and enhance the existing women's health-care services," said the news release, adding that construction is expected to be completed later this year.