Prism Capital Partners Names Cushman & Wakefield Office Agent for ON3
Originally appeared in CityBizList on May 3, 2017
Prism Capital Partners has named Cushman & Wakefield as exclusive office leasing agent for its historic redevelopment to be branded ON3. With master planning underway, the 116-acre former Hoffmann-La Roche Inc. North American Headquarters campus, spanning the Township of Nutley and the City of Clifton, represents New Jersey’s largest contemplated redevelopment.
A Cushman & Wakefield team headed by Robert Rudin, Bill Brown and Josh Cohen are marketing two immediately available office buildings at ON3. They include the site’s iconic, 15-story, 300,000-square-foot LEED Gold-certified headquarters tower and a seven-story, 255,000square-foot, Class A facility. A variety of development sites are also being offered as build-to-suit opportunities on the campus.
“We are incredibly excited to be involved in ON3, which is arguably the most robust project in our region’s development pipeline,” Rudin said. “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. With its strategic location on Route 3, sandwiched between the Garden State Parkway and the NJ Turnpike just nine miles from the Lincoln Tunnel, ON3 is queued up to be a highly sought-after business address.”
PB Nutclif I, LLC, an affiliate of locally based Prism Capital Partners, purchased the ON3 property last fall. Even prior to the sale, Hackensack Meridian Health and Seton Hall University committed to leasing two major buildings and 16 acres on the campus. Improvements to convert those facilities to accommodate the needs of the new Seton Hall-Hackensack Meridian Graduate School of Medicine are underway. Seton Hall will co-locate its College of Nursing and School of Health and Medical Sciences at the site, and Hackensack Meridian plans to create a National Health Institute-designated Clinical Research Center there as well.
Additionally, approximately 150,000 square feet in R&D/lab facility leases for state-of-the-art existing product are currently in negotiation, according to Prism Capital Partners.
“We already have an outstanding, long-term anchor in place and mounting interest for opportunities at ON3,” noted Prism’s Edwin Cohen, principal partner. “At the same time, we are working closely with the Township of Nutley, City of Clifton and a team of consultants to develop a vibrant mixed-use, multi-user plan.”
ON3 provides Prism with an opportunity create a showplace for the “new urbanist” philosophy that is driving New Jersey’s suburban municipalities to redesign their downtowns and commercial corridors. “Growing demand for 24/7 convenience living is resulting in better-balanced business centers that provide a blend of housing options and appealing amenities,” said the firm’s Eugene Diaz, principal partner. “We are committed to producing an attractive and profitable campus – one sensitive to potential concerns about traffic and quality of life for the larger community.”
Development of the ON3 website is underway; it will provide detailed plans, timelines and other important information. Other efforts to engage members of the community and ensure transparency throughout the long-term project are being planned as well.