M id A tlantic Real Estate Journal — 2020 Forecast — January 31 - February 13, 2020 — 3C
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M ixed -U se
Tenants seek superior lifestyle – Within and beyond the workspace Pursuit of the best and brightest talent shaping Regional CRE Market
C orporate America is vy- ing to attract the best and brightest talent
tenant office construction for the first time in years. At ON3, we have retained prominent, Chicago-based architectural firm Goettsch Partners to design a new class A office complex. The proposed devel- opment of two towers would add approximately 400,000 s/f of office inventory. This represents a notewor- thy shift from projects cen- tered on the repositioning of Northern New Jersey’s aging suburban campuses – a trend that continues to be the “bread and butter” of the market- place. Across the board, ame- nity-rich environments have
been, and will remain, central in the design and redesign of spaces and properties. Supporting an Innovative State Growing demand for state- of-the-art laboratory space also is a “must watch” trend here in 2020. Simply put, New Jersey is becoming a destina- tion of choice for innovative companies, with the promise of further momentum ahead. Again, ON3 provides a micro- cosm of this statewide trend in action. Over the past few years, ON3 has welcomed Modern Meadow and Hackensack Me-
ridian’s new NIH-designated Clinical Research Center. Con- struction of Quest Diagnostics’ 250,000 s/f, state-of-the-art laboratory, which will be the largest in Quest’s network of major laboratory facilities across the country, is well underway. Additionally, a proposed four-story, 164,000 s/f laboratory building at ON3 will represent New Jersey’s first major speculative lab in recent history. One of the Garden State’s greatest strengths lies in the diversity of its tenant base – historically, today and moving forward. In 2020, across indus-
tries and among companies with available revenue, there exists a penchant for next- generation, class A product. In short, what’s happening at ON3 and throughout the mar- ket today caters specifically to the evolving requirements of New Jersey’s business and residential populations. De- velopment and redevelopment – across sectors – reflects the commercial real estate indus- try’s key role in advancing the state’s long-term economic health. Edwin Cohen is principal Partner of Prism Capital Partners in Nutley, NJ.
in an increas- ingly tight job market. With the un- employment rate so low, c omp a n i e s that provide a supe r i o r l i f e s t y l e –
Edwin Cohen
both within and beyond the physical workspace – are best positioned to compete for this top labor. That theme, in turn, is shaping the commercial real estate market here in New Jersey, throughout theMid-At- lantic region and nationwide. Workplace Lifestyle Takes Center Stage Tenants’ desire for a strong sense of “place” extends be- yond the corporate campus. Today’s most sought-after locations offer the type of urbanized housing, recre- ation, dining, shopping and entertainment options typi- cally found within the most vibrant downtowns. As 2020 commences, tenants in pursuit of this type of environment are showing a willingness to pay higher rents for the right setting. They recognize that best-in-class professionals are drawn to career opportunities that contribute to robust, bal- anced lifestyles. Major mixed-use projects providing live/work/play op- tions, and transit-served com- munities that embrace a pro- development stance will be best positioned to capitalize on this trending. This, in turn, creates solid justification for the advancement of devel- opment and redevelopment projects that serve to revital- ize and redefine the regional market. Consider Prism Capital Partners’ ON3. The dynamics of this 116-acre redevelopment spanning the City of Clifton and Township of Nutley are generating strong interest from corporate space users. Ralph Lauren Corporation recently moved approximately 1,100 employees to 100 Metro Boulevard. Next door, the LEED-certified 200 Metro Boulevard tower is drawing sustained inquiries from com- panies seeking headquarters- quality accommodations. With unabated demand, the regional development commu- nity is looking at new multi-
The intersection of urban vitality and suburban flexibility sits just nine miles from Manhattan at Prism Capital Partners’ ON3. A growing roster of prestigious organizations is gravitating to New Jersey's largest redevelopment, rapidly securing its future as a world-class, next-generation campus. Ralph Lauren Corporation · Quest Diagnostics · Modern Meadow · Hackensack Meridian School of Medicine at Seton Hall University · Hackensack Meridian NIH-designated Clinical Research Center · The Hackensack Meridian Health Center for Discovery and Innovation · Seton Hall University Graduate College of Nursing and School of Health and Medical Sciences These users – and others to come – are propelling ON3 forward as a benchmark in New Urbanism and public/private partnership. Office and R&D, recreation, hospitality, wellness options and more ultimately will come together at ON3 for a true mixed-use, 24/7 environment spanning the Township of Nutley and City of Clifton.
More information regarding Prism and its projects can be found at: prismpartners.net | (201) 567-2711 Edwin H. Cohen Principal Eugene R. Diaz Principal
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