Prism gets go-ahead to build next-gen healthcare building
Originally appeared on Real Estate Weekly on December 2, 2020
Thor Equities recently started construction in its plan to overhaul 95 Greene St., a 350,000-square-foot building in Jersey City, where it aims to attract life sciences users. Those plans include extensive upgrades to mechanicals, HVAC, vertical conduits and a new rooftop generator, along with a new prebuilt lab suite on the third floor, which it will deliver by late this summer. — Courtesy: Thor Equities/JLL
By Joshua Burd
Construction is scheduled to begin in the first quarter of 2021 on a build-to-suit medical office building at Prism Capital Partners’ ON3 campus.
The firm received final site plan approval this fall for the 80,000 s/f facility, which has been pre-leased by Hackensack Meridian Health.
“The building will occupy a parcel on the southeast corner of Metro Boulevard and Route 3 in Clifton,” said Prism’s Eugene Diaz, principal partner.
“It will include an ambulatory surgical center as well as additional multi-specialty practice areas, supporting Hackensack Meridian Health’s mission to deliver the highest-quality healthcare services to the local community.”
The four-story facility, designed by Gensler, will feature a glass curtain wall façade and an attached parking garage that will provide 400 parking spaces for occupants and visitors. Prism anticipates construction will be completed in mid-2022.
The building will be a model of energy efficiency benefiting from ON3’s existing campus infrastructure, including its central utility plant with a 10-megawatt cogeneration facility. “The in-place, multi-redundant heating, cooling and electricity enables the design of buildings with superior efficiency at a lower cost,” Diaz noted.
Hackensack Meridian Health already occupies academic, and research and development space at ON3, which serves as home to the organization’s School of Medicine and Center for Discovery and Innovation (a National Health Institute-designated Clinical Research Center).
“From the very start, Hackensack Meridian Health has served as one of ON3’s highest-profile tenants,” Diaz noted. “We take great pride in our expanding relationship and our ability to accommodate this healthcare leader’s diverse needs here.”
ON3 represents New Jersey’s largest contemplated redevelopment. Prism Capital Partners’ is transforming the 116-acre former Hoffmann-La Roche campus – located on Route 3 just nine miles from the Lincoln Tunnel – into a multi-tenant, next-generation lifestyle hub.
The Nutley, N.J.-based owner/operator’s vision for ON3 includes a world-class, mixed-use setting integrating office and R&D facilities, recreational, residential, hospitality and wellness options, as well as other uses.
Spanning the Township of Nutley and the City of Clifton, ON3 will serve as a showplace for the “new urbanist” philosophy that is driving suburban municipalities to redesign their downtowns and commercial corridors for 24/7 convenience living.
Additional in-place and incoming occupants include Eisai Inc., Ralph Lauren Corporation, Quest Diagnostics, Modern Meadow, Y-mAbs Therapeutics, Inc., and Seton Hall University’s Graduate College of Nursing and School of Health and Medical Sciences.
Prism expects that more than 5,500 people will be employed at ON3 by 2021, and ongoing redevelopment also is creating hundreds of construction jobs.