S hopping C enters N ew J ersey /P ennsylvania
M id A tlantic Real Estate Journal — New Jersey/Pennsylvania — Section B
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Cantor Fitzgerald affiliate Purchases ON3’s 200 Metro Boulevard for $131.7M Prism Capital Partners Announces Sale of flagship office tower in Nutley, New Jersey
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stabilization and strategic di - vestment of the built product at ON3 – yet in each case we have remained involved as property manager.” The award-winning ON3 campus formerly served as Hoffmann-La Roche’s North American Headquarters. Sustained activity at the site has rebuilt the tenant population, attracting high- profile companies across a range of sectors including Quest Diagnostics, Ralph Lauren Corporation, the Hackensack-Meridian School of Medicine, Hackensack Meridian Health’s Center for Discovery and Innovation, Modern Meadow, Y-mAbs Therapeutics, Inc., and Seton Hall University’s Graduate College of Nursing and School of Health and Medical Sci - ences. Today, these diverse businesses and institutions at ON3 employ more than 5,500 people. MAREJ larly with its access to major highways and arterials,” said Elizabeth Kauchak, Chief Operating Officer at Dermody Properties. “Dermody Proper - ties remains committed to the region and sourcing the best acquisition and development opportunities for our custom - ers.” Brian Knowles and Eric Zahniser of Lee & Associates represented Dermody Proper - ties in the lease transactions. Ed Soriano and Larry Maister of JLL represented Iron Moun - tain and Jeff Lockard of JLL represented CONRI Services, Inc. LogistiCenter at Lehigh Valley East Building 2, locat - ed at 460 E. Moorestown Rd., was leased to Mainfreight, Inc. earlier this year. LogistiCenter represents the company’s business philosophy of developing class A distribu - tion and logistics facilities that meet the supply chain require - ments of the most innovative companies. MAREJ
corporate and R&D team members to the LEED Gold building. Eisai’s blockbuster, full-building lease – signed in 2020 – brought ON3’s existing 1.45 million s/f of office and R&D/lab product to 100% oc - cupancy. It followed Prism’s completion of extensive façade upgrades, additional building renovations and incorporation of an inviting courtyard with communal areas for social and business gatherings. Prism already provides property management ser - vices to the building under an agreement with Eisai, and an affiliate of Cantor Fitzger - ald has retained Prism in a management role for 200 Metro Blvd.. “We are proud of the fact that the building’s new ownership is entrusting this role to our experienced property services team,” said Prism’s Edwin Cohen, principal partner. “This sale continues a track record of
UTLEY, NJ — Prism Capital Part- ners (Prism) has an-
nounced the sale of ON3’s flag - ship office tower, 200 Metro Blvd. in Nutley, to an affiliate of Cantor Fitzgerald, L.P. (Cantor Fitzgerald) . East- dil Secured represented Prism in the $131.7 million transaction to the New York City-based institutional in- vestor, marking New Jersey’s largest suburban office trade year-to-date. “In an era where there is less emphasis on investing in
200 Metro Blvd.
suburban office buildings, this 116-acre campus’ exceptional location, tenant roster and advanced technology achieved bar-setting results, with the region’s highest psf pricing and lowest cap rate for this sector in 2022,” said Prism’s Eugene Diaz , principal part - ner. “The significance of this
transaction further validates ON3’s emergence as a world- class, mixed-use destination.” The 300,000 s/f 200 Metro Blvd. serves as Eisai Inc.’s (Eisai) new corporate head - quarters. This spring, the U.S. pharmaceutical subsidiary of Tokyo-based Eisai Co., Ltd. relocated approximately 1,200
AUG. 19 - SEPT. 15, 2022
HI-LIGHTS
SPOTLIGHTS CENTRAL NJ 5-7B
Dermody Properties announces lease of LogistiCenter at Lehigh Valley East to Iron Mountain & CONRI Services
BUSHKILL TOWNSHIP, PA — Dermody Properties, a national private equity real estate investment, develop - ment and management com - pany focused exclusively on the logistics real estate sector, is pleased to announce the lease of LogistiCenter at Le - high Valley East Building 1, located at 450 E. Moorestown Rd., to Iron Mountain and CONRI Services, Inc. Iron Mountain is a global leader in innovative storage, data center infrastructure, as - set lifecycle management and information management ser - vices. This location expands its consumer storage division, as well as corporate data and physical storage. CONRI Ser - vices, Inc. offers warehousing and fulfillment services to a variety of customers, includ - ing publishing, home decor, gifts and tea. The company is expanding its existing foot - print in New York and New Jersey to accommodate both
6B
PENNSYLVANIA
11-15B
LogistiCenter at Lehigh Valley East Building 1
existing and new customers and will lease the remaining 116,640 square feet of the state-of-the-art space. “We are pleased to welcome Iron Mountain and CONRI Services, Inc. to LogistiCenter at Lehigh Valley East,” said Rob Borny, East Region Part - ner at Dermody Properties. “With the addition of both of these great companies to our project, LogistiCenter at Lehigh Valley East is fully leased. These companies join a
collection of large e-commerce, distribution, warehouse and light manufacturing compa - nies in Eastern Pennsylva - nia.” The leased space contains a total of 349,920 s/f and fea - tures a 36-foot clear height, 62 trailer parking spaces and 197 car parking spaces. “The property’s strategic location in Lehigh Valley pro - vides a significant advantage for these tenants who are both looking to expand, particu -
CENTRAL PA
13B
ALSO INSIDE
www.marej.com CREW NJ......................... 10B People on the Move....... 16B
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