Prism Capital Partners is replacing the aging wood-structured cooling towers at ON3 with modern, fiberglass models to further enhance the mixed-use site’s 10-megawatt co-hybrid power plant. — Courtesy: Prism
By Joshua Burd
Prism Capital Partners is making another key infrastructure upgrade at ON3, its sprawling mixed-use campus in Clifton and Nutley, with a major assist from PSE&G.
According to a news release, the utility has provided a grant and interest-free loan to help Prism replace the aging wood-structured cooling towers within the property’s 10-megawatt co-hybrid power plant. The new modern, high-efficiency fiberglass models will bring the advantage of free cooling during the colder months, the real estate firm said, further enhancing a system that reduces ON3’s reliance on the grid and provides power redundancy for tenants.
Peapack Private Bank & Trust is providing additional financing for the upgrade.
“Establishing an energy infrastructure that will support New Jersey’s economic growth is top of mind in our state, and rightly so,” said Prism’s Eugene Diaz, a principal partner with the firm. “ON3’s power plant — initially constructed by Hoffmann-La Roche in 1943 with several additions in the ’50s, ’60s and ’70s — was renovated in 1985 with the installation of cogeneration equipment to provide supplemental energy on campus. Ongoing modernization of this utility will make ON3 even more self-sufficient as development accelerates. PSE&G recognizes the long-term value, and we are grateful for their partnership.”
The 116-acre campus, which Prism acquired in 2016, currently includes 1.55 million square feet of fully occupied space that could expand by another 2 million square feet under additional phases, the news release said. It is the first mixed-use redevelopment in New Jersey to integrate a central utility plant into its operation, supplying centralized heating, cooling and electricity in an economical and sustainable manner for a broad mix of tenants from health care, academia and corporate America as well as a growing roster of retail users.
The developer has already enhanced that infrastructure through prior updates, such as the installation of automated switching to seamlessly maintain power on campus during a service interruption. Other upgrades include the addition of a more robust supply and power distribution network throughout the site, while Prism continues to explore options for incorporating new technologies, from batteries to steam-driven equipment.
“We are ‘Power-Empowered,’” said Prism’s Edwin Cohen, also a principal partner. “It is one of many operational advantages that have helped us transform this 116-acre complex into a world-class, multitenant lifestyle hub integrating office and R&D, educational, residential, recreational, retail, hospitality and wellness facilities.”
ON3 continues to take shape with recent commitments by Chase and Chipotle, which will join Starbucks as its initial retail tenants, the news release said. Hackensack Meridian Health & Wellness Center at Clifton opened in 2025, joining Hackensack Meridian School of Medicine and the Hackensack Meridian Health Center for Discovery and Innovation.
The campus also houses Eisai Inc., Quest Diagnostics, The Ralph Lauren Corp., Seton Hall University’s Graduate College of Nursing and School of Health and Medical Sciences, Modern Meadow and Proponent Federal Credit Union.
Prism adds Chase, Chipotle to growing retail mix at ON3 campus
