M id A tlantic Real Estate Journal — Spring Preview —April 23 - May 20, 2021 — Inside Back Cover C
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N orthern N ew J ersey
Move makes way for Eisai Pharmaceuticals at Flagship Redevelopment Prism Capital Partners relocates HQ within ON3 Campus in Nutley, NJ
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million campus infrastruc- ture improvement program – including roadways, parking and utilities upgrades. ON3’s strategic location – just nine miles from Man- hattan – has provided Prism with an opportunity to cre- ate a property that speaks to the changing demands of New Jersey communities, residents and businesses. The mixed-use complex will inte- grate office and R&D facili - ties, recreational, hospitality and wellness options, among others, and is positioned to set a benchmark in Walking Urbanism. MAREJ
U T L E Y , N J — PrismCapital Part- ners has relocated
its headquar- ters to 310 K i n g s l a n d St. at ON3, the commer- cial real es- tate owner/ o p e r a t o r ’ s 1 1 6 - a c r e flagship re-
Edwin Cohen
development spanning Nutley and Clifton. Prism’s move from 200 Metro Blvd., where the firm has operated since 2019, makes way for Eisai Inc.; the pharmaceutical company signed a full-building commit- ment for the 15-story LEED Gold tower last summer. “Our move reflects Prism’s flexibility and our support of the progress and growth of ON3,” said Prism’s Edwin Cohen , principal partner. “We are committed to keeping our unified operations here and remaining part of every- day life within this vibrant, evolving community.” Prism’s new home at 310 Kingland St., a former con - ference center building, has been built out by the firm’s in-house construction team. Cohen added that the long- term plan is to design and develop a stand-alone Prism headquarters building on the ON3 campus. Eisai Inc. ’s lease of 200 Metro Boulevard marked New Jersey’s largest office lease in 2020. The blockbuster transac- tion – made even more impres- sive via its execution during a global pandemic – brought ON3’s 1.45 million s/f of exist - ing office and R&D/lab product to 100% occupancy. Eisai will relocate its N.J.-based head - quarters from Woodcliff Lake to ON3, with plans to transfer up to 1,200 of its corporate staff and research & develop- ment team by late 2021. Since Prism’s 2016 acquisi - tion of the ON3 site, sustained activity has been rebuild- ing the tenant population at the former Hoffmann-La Roche campus. This includes a blue-chip list of corporate, life sciences, biotech and edu- cational tenants that Prism anticipates will employ more than 5,500 people at ON3 by the end of this year. To sup- port this population and fu- ture development, the firm in 2020 completed construction of two parking structures and the bulk of a more than $35
ON3, the 116-acre flagship redevelopment spanning Nutley and Clifton, NJ
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