M id A tlantic Real Estate Journal — Fall Preview — September 25 - October 15, 2020 — 5C
www.marej.com
N ew J ersey D evelopment
020 will go down in history as a year that brings more questions than answers By Edwin Cohen, Prism Capital Partners Even amid uncertainty, projects that meet evolving needs are positioned to thrive 2
abundant natural light and a variety of options from tradi- tional work stations to com- fortable lounges. Today that script has flipped, with highly amenitized multifamily envi - ronments helping residents achieve work-life balance at home. Edison Lofts provides a great work-from-home setting, offer - ing a 5,000 s/f fitness center, rooftop indoor/outdoor Sky Lounge with 360-degree views of the Manhattan skyline, outdoor green spaces, heated indoor pool and sauna (both of which will reopen in accordance
with CDC and state guidelines), a self-serve café, communal worktable, concierge service, and high-speed WiFi through - out all residences and common areas. And based on contin - ued leasing interest, which is prompting the fall 2020 release of Edison Lofts’ last remaining block of brand-new apartment homes, this amenity-rich ap - proach is hitting the right note for today’s renters. Development Targets Dynamic Downtowns Finally, multifamily construc - tion, which ground to a halt last spring, has again picked
up speed. Many of New Jersey’s highest-profile projects can be found in dynamic, walkable communities. This includes for-sale condominium projects such as the 83-unit Wonder Lofts, our industrial-to-resi - dential adaptive reuse of the former Wonder Bread factory in Hoboken; and rental apart - ments like the 232-unit 10 Green at Woodbridge Station, a transit-oriented redevelopment in Woodbridge. Both projects are reaching construction mile - stones this fall, headed toward mid-2021 occupancies. And both will bring new residents, support
existing businesses and attract new commerce, which are keys to strengthening New Jersey’s downtowns for decades to come. In short, Prism’s current proj - ects illustrate a rising sense of hope and provide hard evidence that the world will again find balance, albeit with a redefined “normal.” We are confident that projects which address the com - bined needs of corporate occupi- ers and residents, in municipali - ties that are embracing progress, will always thrive. Edwin Cohen is principal partner at Prism Capital Partners inNutley, NJ. MAREJ
– along with unprecedent- ed challenges – for the com - mercial real estate indus- try. And yet, as fall arrives there is grow - i ng c l ar i t y
Edwin Cohen
here in Northern New Jersey that strategically located proj - ects that can meet the evolving requirements of today’s busi - nesses, residents and communi - ties remain well positioned for success in the long run. World-Class Tenants Drawn to World-Class Settings Consider ON3, our firm’s redevelopment of the former Hoffmann-La Roche campus in Nutley and Clifton, NJ. ON3 represents the Garden State’s largest redevelopment at 116 acres; this summer it secured the state’s largest year-to-date office lease when Eisai Inc., an oncology- and neurology- focused pharmaceutical com - pany, signed a full-building commitment at 200 Metro Boulevard. That transaction – exceed - ing 330,000 square feet and completed during a global pan- demic – brought ON3’s current, 1.45 million square feet of ex - isting and under-construction office and R&D/lab product to 100% occupancy. We anticipate the campus will house more than 5,500 professionals by the time Eisai opens its doors there in late 2021. ON3’s strategic location, just nine miles from Manhattan, is enabling the cre - ation of a world-class, mixed- use setting on a previously dormant and underutilized site. It represents a benchmark in New Urbanism – promising long-term, sustainable value. Multifamily “Flips the Script” for Work-Life Balance Prism’s multifamily projects also provide apt reflections of the times. With so many pro - fessionals working from home, and a strong likelihood that remote or hybrid schedules will continue, luxury apart - ment communities like our Edison Lofts in West Orange, NJ, have become the latest “live/work/play” settings. Pre- pandemic, the ideal office environment was all about plentiful indoor and outdoor amenities, and spaces offering
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