{"id":1004591179,"date":"2022-07-13T03:58:25","date_gmt":"2022-07-13T11:58:25","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004591179"},"modified":"2022-12-08T11:48:25","modified_gmt":"2022-12-08T19:48:25","slug":"cantor-fitzgerald-pays-132m-for-nj-tower","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/cantor-fitzgerald-pays-132m-for-nj-tower\/","title":{"rendered":"Cantor Fitzgerald Pays $132M for NJ Tower"},"content":{"rendered":"
\"\"<\/a>

200 Metro Blvd. Image courtesy of Prism Capital Partners<\/p><\/div>\n

Prism Capital Partners <\/strong>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.<\/p>\n

Cantor Fitzgerald <\/strong>paid $131.7 million for Eisai Inc.<\/strong>\u2019s corporate headquarters, marking the state\u2019s largest suburban office transaction year-to-date.<\/p>\n

Eastdil Secured<\/strong> represented Prism in the deal. The buyer used a $66.7 million acquisition loan originated by JPMorgan Asset Management<\/strong>, 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.<\/p>\n

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<\/a> for the 337,000-square-foot 450 Park Ave. in Midtown Manhattan, less than 14 miles away.<\/p>\n

The former Roche Nutley Campus<\/h2>\n

200 Metro Blvd. served as Hoffmann-La Roche\u2019s 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.<\/p>\n

Eisai Inc. relocated to the LEED Gold-certified 200 Metro Blvd. this spring. ON3\u2019s other tenants include The Ralph Lauren Corp. at 100 Metro Blvd., Hackensack-Meridian School of Medicine as well as Seton Hall University\u2019s 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.<\/p>\n

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.<\/p>\n","protected":false},"excerpt":{"rendered":"

Eastdil Secured facilitated the state\u2019s largest suburban office deal so far this year.<\/p>\n","protected":false},"author":1763,"featured_media":1004591183,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21825,22251,21783,1600,21742,10,21747],"tags":[],"class_list":["post-1004591179","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance","category-in-focus","category-investment","category-new-york","category-latest","category-northeast","category-office"],"acf":[],"yoast_head":"\nCantor Fitzgerald Pays $132M for NJ Tower - CPE<\/title>\n<meta name=\"description\" content=\"Prism Capital Partners sold 200 Metro Blvd. of ON3 to Cantor Fitzgerald for $131.7 million in N.J.'s largest suburban office transaction.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/cantor-fitzgerald-pays-132m-for-nj-tower\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Cantor Fitzgerald Pays $132M for NJ Tower\" \/>\n<meta property=\"og:description\" content=\"Prism Capital Partners sold 200 Metro Blvd. of ON3 to Cantor Fitzgerald for $131.7 million in N.J.'s largest suburban office transaction.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/cantor-fitzgerald-pays-132m-for-nj-tower\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2022-07-13T11:58:25+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-08T19:48:25+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/07\/200-Metro-Blvd-Prism-Capital-Partners-e1657709601843.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1068\" \/>\n\t<meta property=\"og:image:height\" content=\"801\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Agota Felhazi\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/cantor-fitzgerald-pays-132m-for-nj-tower\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/cantor-fitzgerald-pays-132m-for-nj-tower\/\",\"name\":\"Cantor Fitzgerald Pays $132M for NJ Tower - 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