Cantor Fitzgerald Pays $132M for NJ Tower

200 Metro Blvd. Image courtesy of Prism Capital Partners

Prism Capital Partners has sold 200 Metro Blvd., a 300,000-square-foot office tower in Nutley, N.J. The building is part of the ON3 mixed-use campus, which totals 1.5 million square feet and sits at the border between Nutley and Clifton, N.J.

Cantor Fitzgerald paid $131.7 million for Eisai Inc.’s corporate headquarters, marking the state’s largest suburban office transaction year-to-date.

Eastdil Secured represented Prism in the deal. The buyer used a $66.7 million acquisition loan originated by JPMorgan Asset Management, Passaic County records show. In the first half of the year, 40 office properties encompassing more than 7.5 million square feet traded in a 15 mile-radius from ON3, CommercialEdge data shows.

The sales volume was slightly above $2.9 billion with a $533.27 average sale price per square foot, above the approximately $439 price per square foot shelled out by Cantor Fitzgerald. In late June, SL Green Realty Corp. paid $445 million for the 337,000-square-foot 450 Park Ave. in Midtown Manhattan, less than 14 miles away.

The former Roche Nutley Campus

200 Metro Blvd. served as Hoffmann-La Roche’s North American headquarters before Prism acquired the 116-acre, five-building property in 2016 from the Swiss multinational health-care company. After upgrading the campus, Prism secured the Japanese pharmaceutical company as tenant in 2020, bringing the property to full occupancy.

Eisai Inc. relocated to the LEED Gold-certified 200 Metro Blvd. this spring. ON3’s other tenants include The Ralph Lauren Corp. at 100 Metro Blvd., Hackensack-Meridian School of Medicine as well as Seton Hall University’s Graduate College of Nursing and School of Health and Medical Sciences at 123 Metro Blvd., while Quest Diagnostics occupies a diagnostic testing lab totaling 250,000 square feet.

Prism plans to further expand the complex by 2 million square feet. The proposed redevelopment would include 1.1 million square of office and R&D space, 20 acres of green space, a hotel with a rooftop bar and retail options, among other uses.