www.marejournal.com
20C —April 26 - May 9, 2019 — Spring Preview — M id A tlantic
Real Estate Journal
N ew J ersey O wner /O perator By Edwin H. Cohen, Prism Capital Partners
Lifestyle-focused workplaces, growing lab demand shaping New Jersey market
W
ith one full quarter in the books, 2019 is shaping up nicely
ties that contribute to vibrant, balanced lifestyles. All of this provides robust upside for the commercial real estate commu- nity today and into the future – by creating solid justification for the advancement of develop- ment and redevelopment proj- ects that are revitalizing and redefining the regional market. Consider Prism Capital Part- ners’ ON3. The dynamics of this 116-acre redevelopment spanning the City of Clifton and Township of Nutley are generating strong demand from corporate space users. Already Ralph Lauren Corporation has committed to a full-building
office lease at 100 Metro Bou- levard. Next door, the LEED- certified 200 Metro Boulevard tower is drawing sustained inquiries from companies seek- ing headquarters-quality ac- commodations. To that end, we have retained prominent, Chicago-based ar- chitectural firm Goettsch Part- ners to design a new class A office complex at ON3. The pro- posed development of two tow- ers would add approximately 400,000 s/f of office space and would represent the first new trophy-grade, multi-tenant con- struction in the region in years (a noteworthy shift from proj-
ects centered on the reposition- ing of Northern New Jersey’s aging suburban campuses). Growing demand for state-of- the-art laboratory space also is a “must watch” trend heading toward the heart of 2019. Again, ON3 provides a microcosm of the larger New Jersey commer- cial real estate market. Steel is rising for Quest Diagnostics’ 250,000 s/f, owner-occupied lab, which will be the largest in Quest’s network of major laboratory facilities across the country. Additionally, Prism is finalizing plans for a four- story, 164,000 s/f speculative laboratory building at ON3. It will represent New Jersey’s first spec lab in recent history. We already have leased up approximately 500,000 s/f of existing lab space at ON3; with continued strong interest, ad- ditional inventory makes sense. Simply put, Governor Murphy’s vision of New Jersey becoming the destination of choice for in- novative companies is coming to life at our campus and through- out the state, with the promise of further momentum ahead. In short, what’s happening at ON3 caters specifically to the changing needs of New Jersey’s business and residen- tial populations, and reflects the larger industry’s initia- tives to advance the state’s long-term economic health. In fact, we expect that corporate tenants and users will employ more than 5,500 people at ON3 by the time the Quest facility opens in 2021. The former Hoffmann-La Roche North American Headquar- ters campus already houses Modern Meadow, Hackensack Meridian School of Medicine at Seton Hall University, Hackensack Meridian’s NIH- designated Clinical Research Center, and Seton Hall Uni- versity’s Graduate College of Nursing and School of Health and Medical Sciences. ON3’s strategic location – on Route 3 just nine miles from Manhattan – has provided Prism and our municipal part- ners with an opportunity to create a property that sets a benchmark inWalking Urban- ism. In addition to office and R&D facilities, the mixed-use complex hopes to integrate recreational, educational, hos- pitality and wellness options, among others. Edwin H. Cohen is a prin- cipal partner with Prism Capital Partners in Bloom- field, NJ.
place lifestyle – with plentiful enhanced amenities, image and atmosphere – needed to develop teams rich with top-quality la- bor. One of the most important site selection factors for tenants in the current climate involves establishing themselves in loca- tions that can and will attract the talent needed to foster busi- ness growth and profitability. Today’s best-in-class profes- sionals are drawn to career op- portunities that not only deliver appealing 9 to 5 environments but also are established within communities that offer the housing, dining, retail, culture and recreational opportuni-
for the New Jersey com- mercial real estate mar- ket. Funda- mentals and trending con- tinue to head in the right d i r e c t i o n , with several notable themes emerging. Among them, corporations are recognizing that investing in their real estate enables them to create the type of work- Edwin H. Cohen
Made with FlippingBook - professional solution for displaying marketing and sales documents online