16C — February 23 - March 15, 2018 — Commercial Office Properties — M id A tlantic

Real Estate Journal

C ommercial O ffice P roperties By Edwin Cohen, Prism Capital Partners 2018 already shaping up to be a major year for progress at ON3

2 018 is off to a rousing start at ON3, with nearly 600,000 s/f in late-stage

social media platforms. These digital tools are designed to inform local residents about the latest redevelopment news at the property. Additionally, in early March we will present a Suburban Revitalization Forum in two parts on-site at ON3. On March 5, “Where People are Choosing to Live Work and Play in New Jersey Now,” will feature Dr. Jim Hughes, university professor and for- mer dean of the Edward J. Bloustein School of Planning and Public Policy at Rutgers, The State University of New Jersey. He will discuss the economic challenges and de- mographic changes underway in New Jersey. And, on March 8, “The BIG Design & Devel- opment Project of the Next 50 Years” will feature Ellen Dunham-Jones, professor and director of the Urban Design Program at Georgia Tech, who will talk about solutions of mixed-use community cases. Even more great things are on the horizon for ON3 in 2018. Stay tuned! Edwin Cohen serves as principal partner at Prism Capital Partners. n entry into the Pittsburgh market and it also reflects Pittsburgh’s appeal to global capital investors. The HFF investment advi- sory team representing the seller included senior manag- ing director Popovich and as- sociate Nick Unkovic . Laurus Corp. is a real estate investment and development company that specializes in hotels and resorts, office build- ings, multifamily and mixed- use properties. With more than $1.2 billion in assets under management, Laurus employs an entrepreneurial investment strategy designed to consistently achieve attrac- tive risk-adjusted returns by creating capital appreciation opportunities through repo- sitioning, restructuring, re- development and intensive post acquisition asset man- agement. The Aztec Fund is a private Mexican equity fund that invests in commercial and industrial properties in the United States. n

drawing this organization fromNew York to New Jersey. Behind the scenes, a tal- ented and seasoned team has been assembled to oversee day-to-day operations at ON3. This includes several former Hoffmann-La Roche property and facilities management professionals. Their in-depth knowledge of ON3’s sophisti- cated campus infrastructure and building systems is prov- ing to be invaluable as we move forward. Convenience and accessibil- ity comprised a major ON3 focus in 2017 as well, and we have made great strides toward incorporating on-site bus service that will bring five different bus lines directly into the campus. Additionally, a major ON3 roadway project is queued to commence on March 1. Finally, we continue to en- hance the open public dialogue for ON3’s potential future uses as we work to create an innovative, mixed-use lifestyle hub that will best serve New Jersey businesses as well as the regional community. Late last year, we launched a web- site (www.ON3NJ.com) and Industrial Park, located ap- proximately 20 miles south of downtown Pittsburgh. The HFF team marketed the asset on behalf of the sell- er, 501 Technology Partners, LLC, an affiliate of Laurus Corp., and procured the buyer, The Aztec Fund, Inc. 501 Technology Dr. is situ- ated on 8.5 acres within the Southpointe Office and Indus- trial Park, one of the premier business parks within the Pittsburgh MSA and the only mixed-use development of its type in southwestern Pennsyl- vania. The park is located just off Interstate 79 southwest of Pittsburgh’s central business district and 15 miles south of Pittsburgh International Air- port. Completed in 2000, the three-story property is fully leased to a high quality ten- ant mix, including Primetals Technologies and Siemens. According to HFF senior managing director Mark Popovich , who led the mar- keting effort, this acquisi- tion marks Aztec’s initial

negotiations underway at this 116-acre, m i x e d - u s e campus rede- velopment in Nutley and Clifton, N.J. In the com- ing weeks ,

Edwin Cohen

we anticipate announcements for two laboratory/R&D ten- ants to round out the roster at 111 Ideation Way, and a full-building office lease at 100 Metro Boulevard. We also are seeing a great deal of interest from several major users for the iconic, 15-story 200 Metro Boulevard office tower. This progress follows a year of steady growth at ON3 in 2017. With master planning well underway, the former Hoffmann-La Roche property is positioned to set a bench- mark in Walking Urbanism. It promises a world-class, mixed-use setting integrat- ing office and R&D facilities, recreational, hospitality and wellness options as well as all other uses that will comprise ROCKAWAY, NJ — Hol- liday Fenoglio Fowler, L.P. (HFF) announced the sale of Rockaway 80, a 264,000 s/f office complex in Rockaway. The HFF team marketed the property on behalf of the seller, an institutional cli- ent, and procured the buyer, N orthbridge Investment Management, Inc. based in Toronto, Canada. Rockaway 80 is situated on an 11-acre site at 100 Enter- prise Dr., which is adjacent to Rockaway Townsquare and the Rte.15/Interstate 80 interchange in Northern New Jersey. The property is walkable to an adjacent Wal- Mart anchored shopping cen- ter with several other large retail stores located nearby. The seven-story property was originally built in 1991 and features an impressive two-story atrium lobby, an attractive reflective glass and granite façade, full-service cafeteria, ample covered park- ing and panoramic views from the upper floors.

200 Metro Boulevard

the 24/7 environment. The new Seton Hall-Hack- ensack Meridian School of Medicine – which this month received its preliminary ac- creditation – is slated to begin moving into its new facility in April. The two buildings being converted for this outstanding anchor tenant are nearing completion 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. Joining the medical school, biofabrication company Mod- ern Meadow in mid-2017 leased and moved into its 73,000 s/f, state-of-the-art lab- oratory at 111 Ideation Way. A future pilot manufacturing plant will be located there as well. ModernMeadow received a $32 million Grow NJ grant, which was instrumental in

Holliday Fenoglio Fowler, LP brokers sale of 264,000 s/f office complex in Rockaway, New Jersey to Canadian firm

Rockaway 80

The HFF investment advi- sory team representing the seller included senior man- aging director Jose Cruz , managing directors Kevin O’Hearn and Brett Segal and senior directors Michael Oliver and Stephen Sim- onelli . “This sale reflects the in- creasing demand for high quality suburban office prod-

uct, and we are thrilled to have identified a foreign buyer for it,” said O’Hearn. HFF and Holliday GP Corp. (“HFF”) are licensed New Jer- sey real estate brokers. PITTSBURGH, PA — Holliday Fenoglio Fowler, L.P. announced the sale of 501 Technology Dr., a 98,314 s/f, class A office building in the Southpointe Office and

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