10B — September 14 - 27, 2018— Northern New Jersey — M id A tlantic
Real Estate Journal
www.marejournal.com
N orthern N ew J ersey
Iconic Lifestyle Brand to Join Industry-Leading Tenants at Campus in Nutley, NJ Ralph Lauren makes full-building commitment at Prism Capital Partners’ ON3
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plete lobby redesign featuring 30-foot ceilings and a new entryway. Outside, the firm will create a courtyard with communal areas for social and business gatherings. Ad- ditionally, Prismwill complete the construction of a parking garage to serve both 100 Met- ro Blvd. and future tenants at the adjacent, 15-story 200 Metro Blvd. tower in time for Ralph Lauren’s anticipated move-in. ON3 is positioned to set a benchmark in Walking Ur- banism. Located just nine miles from Manhattan on
Rte. 3, the mixed-use complex will integrate office and R&D facilities, recreational, hospi- tality and wellness options, among others. Prism Capital Partners is in the midst of a multi-tier infrastructure and site work development plan at the prop- erty. Phase I – involving the addition and rebranding of streets, and streetscaping and landscaping on the east por- tion of the campus – is nearing the mid-way point. In other Prism news, the company is poised to move forward on the adaptive reuse of a five-acre parcel at the corner of Rahway Ave. and Green St. in Woodbridge into a mixed-use Transit Oriented Community consisting of 232 apartments and 12,000 s/f of retail space on the former Lucas Chevrolet dealership property. Prism in 2015 entered into an agreement to purchase a controlling interest in the site, which had been targeted by the Township of Wood- bridge for redevelopment. “We are eagerly anticipating the commencement of construc- tion,” said Eugene Diaz , a principal partner with Prism Capital Partners. “The ap- petite for multifamily rental – especially transit-oriented product – continues to exceed supply throughout New Jer- sey and nationwide.” Within that context, Diaz cited the Rahway Avenue/ Green Street project as well- positioned for success. “The town of Woodbridge is experi- encing a renaissance, and this property sits in the heart of its walkable downtown, right next to Woodbridge Station,” he noted. “It is a perfect spot for luxury, fully amenitized apartment homes.” The imminent start of the Woodbridge project comes at a busy time for Prism Capital Partners and its multi-family redevelopment activity in New Jersey. Phase I of the firm’s Edison Village in West Orange is nearing completion, introducing 333 rental units in the renovated Thomas A. Edison Invention and Bat- tery Factory, along with retail and a parking structure. Ad- ditionally, Prism is gearing up to launch construction for Phase II of Parkway Lofts in Bloomfield, which will include approximately 154 for-sale townhomes.
UTLEY AND CLIF- TON, NJ — Ralph Lauren Corporation
has signed a full-building lease at PrismCapital Part- ners’ ON3, becoming the lat- est tenant to commit at the 116-acre campus in Nutley. The iconic American lifestyle brand will remain headquar- tered in NYC and will move its New Jersey hub to 100 Metro Blvd., supported by a $33 mil- lion Grow NJ grant. Prism Capital Partners will immediately launch a renova- tion of the seven-story build- ing, highlighted by a com-
100 Metro Blvd.
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