P roperty M anagement
Real Estate Journal — Owners, Developers & Managers — January 26 - February 8, 2018 — 7B
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Group includes former Hoffmann-LaRoche Professionals bringing 90+ years of site experience Prism Capital Partners announces ON3 campus operational team
UTLEY, NJ — With redevelopment mo- mentum picking up speed at ON3, PrismCapital Partners has assembled a talented and seasoned team to oversee day-to-day operations, announced Eugene Diaz , principal partner. The five- member group includes three former Hoffmann-La Roche employees, who bring more than 90 years of combined experience at the 116-acre campus in Nutley and Clifton. “ON3 is a highly complex site from an operational stand- point,” Diaz said. “Beyond the sheer scope of the project’s mixed-use master plan, this campus houses an intricate utility infrastructure, with capability to produce 10-mega- watt cogenerated electricity, 15 tons of cooling capacity and 150,000 pounds of steam boiler capacity per hour. Addition- ally, ON3’s 1.2 million s/f of existing office and research space contains sophisticated and distinct building systems – with more to come. Simply put, we needed the best people and strongest leaders on the ground as we move forward with the redevelopment and welcome the first tenants to N LANDOVER, MD — Morn- ing Calm Management (Morning Calm) , the real estate investment and man- agement owner of Greenbelt’s Capital Office Park, announced the acquisition of Metro Plex I & II in Landover. The property is 45% leased and includes a 3.65-acre pad site approved for 200,000 s/f of future devel- opment. Metro Plex I is situated on 3.95 acres with 107,180 s/f of office space spread across six floors; and Metro Plex II, built two years later, is a 5.09-acre site with 186,303 s/f of leasable space across twelve floors. The entire complex has more than 1,100 parking spaces, and is conveniently located along the Capital Beltway at the intersection of I-495 and Rte. 50. Beneficial to commuters, Metro Plex is within walking
With master planning well underway, ON3 is positioned to set a benchmark in Walk- ing Urbanism. It promises a world-class, mixed-use set- ting integrating office and R&D facilities, recreational, hospitality and wellness op- tions as well as all other uses that will comprise the 24/7 environment. Two buildings being con- verted for the new Seton Hall- Hackensack Meridian School of Medicine are nearing com- pletion and will be ready to accommodate 2018 summer classes. Seton Hall University will co-locate its Graduate Col- lege of Nursing and School of Health and Medical Sciences on its 16-acre site as well, and Hackensack Meridian is creating a National Health Institute-designated Clinical Research Center there. Join- ing this anchor, biofabrication company Modern Meadow in mid-2017 leased and moved into its 73,000 s/f , state-of-the- art laboratory. A future pilot manufacturing plant will be located here as well. And, dur- ing the fourth quarter, major LOIs having been executed by multiple additional office and R&D/lab space users. n Metro Plex into a mixed-use community withmore than two million total s/f of residential units and office space, as well as 300,000 total s/f of retail and hotel offerings. Last month, Morning Calm sold the last property in a multi-state, 19-property portfo- lio, which was acquired in 2014 in a joint venture with Mount Kellett Capital Management (now part of Fortress Invest- ment Group). These assets ranged from office and retail assets in Florida, Tennessee, Alabama and South Carolina. This three million-square-foot portfolio disposition, which closed over the course of three years, yielded opportunistic returns to all investors. Mark Glagola of Tran- swestern represented the seller in the Metro Plex trans- action. n
joined Hoffmann-La Roche in 1984, is ON3’s facilities man- ager in charge of construction management. With a strong background in mechanical en- gineering, Meechan is oversee- ing demolition and site prep, as well as new development and redevelopment on the campus. The fifth ON3 operational team member, Ido Wein- berger , recently joined the firm as a senior analyst. As part of his role, Weinberger is leading the underwriting for the ongoing development at ON3, including commercial lease analysis, and debt and capital markets research. “Rick, Dave, Tim, Mike and Ido make a great team, each bringing specialized experi- ence and an enthusiasm for feeding off the others’ knowl- edge,” said Prism’s Jonathan Hoff , senior vice president, management services. “Ev- eryone is excited to be part of ON3. Watching the campus come back to life is especially gratifying for the former Hoff- mann-La Roche folks – who all were involved in ramping down operations when the property went dark five years ago.” in recent times,” said Mu- kang Cho , CEO andmanaging principal at Morning Calm. “Through our hands-on man- agement approach and the capital program we will imme- diately put in place, we expect Metro Plex will perform once again, especially as the New Carrollton Transit Develop- ment Plan transforms this part of the region and businesses become more excited about growing in, and relocating to, this area. We believe in the fu- ture of Prince George’s County and that more companies of all sizes and industries will see the attractiveness of accessible and cost-beneficial office properties like Metro Plex.” The property is adjacent to the New Carrollton Transit District Development Plan that allows for the redevelop- ment of the land across from
at the site, which at one time housed more than 6,000 em- ployees and serviced critical research and pharmaceutical production operations. Tim Keating , property manager for ON3, provides building oversite and heads campus security. His 31-year career with Hoffmann-La Roche yielded an in-depth knowledge of building finan- cials and mechanical systems. Amember of theNutleyRescue Squad, he maintains long-time relationships with local EMS teams. Mike Meechan , who ON3.” Prism’s Richard Margeri- son, Jr. , senior property man- ager, is serving as ON3 team lead. The seasoned industry veteran joined the company in 2015 with more than two decades of experience in large- scale property and facilities management, project man- agement, and construction. David Altenau , a 28-year Hoffmann-La Roche employee, has been named director of operations for ON3. He brings deep knowledge of utility operations and maintenance Shown from left: Tim Keating, Dave Altenau, Rick Margerison, Jr., Mike Meechan and Ido Weinberger
Morning Calm Management acquires Metro Plex I & II
Metro Plex I
distance to the New Carrollton Metro Station, Amtrak/MARC station, and the future Purple
Line. “Metro Plex is a quality as- set that has underperformed
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