By Corina Stef
Real estate developer Prism Capital Partners has selected Cushman & Wakefield to market and lease its latest historic redevelopment, ON3. The 116-acre campus is bordered by Nutley and Clifton, N.J., and last traded in 2016, when the Swiss multinational health care company Hoffman-La Roche decided to close its doors, after 80 years of activity within the community. The Cushman & Wakefield team handling the assignment will be Vice Chairman Robert Rudin, Senior Director Bill Brown and Associate Director Josh Cohen.
The campus comprises 1,536,456 square feet of mixed-use space in five buildings erected in 1940, 1981 and 1996, according to Yardi Matrix data. Two buildings and 16 acres of land, currently leased to Hackensack Meridian Health and Seton Hall University, are now undergoing renovations in order to meet the tenants’ needs. According to redevelopment plans submitted to The Nutley Board of Commissioners, the two buildings will hold New Jersey’s first private medical school in 50 years, with capacity for more than 2,500 students and a National Health Institute-designated Clinical Research Center. Another 150,000 square feet of R&D/lab facility space are currently in negotiation.
The two office buildings currently on the market are Building 76, a 15-story, 300,000-square foot, LEED Gold-certified asset. The other one is Building 1, a seven-story, 255,000-square-foot structure that can accommodate 887 people and includes a fitness center, further data shows. The campus offers 8,565 parking spaces and direct access to New Jersey Route 3, making it a mere half-hour drive from New York City. It is also located close to Styertowne Shopping Center and other retailers and parks.
“We are incredibly excited to be involved in ON3, which is arguably the most robust project in our region’s development pipeline,” Rudin said in a prepared statement. “Prism’s unwavering focus on the longevity of the site—which hinges on assembling an appropriate mix of uses, such as the addition of supporting retail and residential —promises to attract best-in-class corporate users.”
The buildings are strategically located on Route 3, between the Garden State Parkway and the NJ Turnpike, and 9 miles from the Lincoln Tunnel. The campus is Prism Capital Partners’ second acquisition in the area, following BroadAcres Office Park.
Image courtesy of Prism Capital Partners