Page 8 - RE-NJ

6 SUMMER 2022
THE BRIEFING
PTC THERAPEUTICS TAKES 360,000 SQ. FT. AT WARREN CORPORATE CENTER
company will relocate after a build-out that will include offices, collaboration and conferencing spaces and research laboratories.
“Since acquiring and repositioning Warren Corporate Center, our goal has been to create the kind of fully amenitized and differentiated office product high-end companies in the region are seeking,” said Stephen Card, a principal at Rubenstein. “PTC Therapeutics is a true
global leader and innovator in the biopharmaceutical sector and adding an organization of their magnitude
to the roster of tenants at the Warren campus validates the strategic investments we’ve made at the site.”
Originally built as a headquarters
for Lucent Technologies, Warren Corporate Center spans more than 820,000 square feet across five office buildings, which are surrounded by walking trails, a landscaped pond and four covered parking structures, the landlords said. Vision and Rubenstein acquired the 176-acre campus in
2016 and have since repositioned
the complex around a newly built, 20,000-square-foot amenity building at the center of the campus.
Known as Warren Hill, the building includes an outdoor amphitheater, indoor and outdoor patio dining, multifunction conference areas, a full-
blockbuster lease with the Tokyo- based pharmaceutical company, signed in 2020, that brought some 1,200 employees to the location.
It also marks another milestone for
the 116-acre ON3 site, which has repurposed the former Hoffmann- LaRoche research campus along Route 3, and the iconic tower long visible to residents and motorists in the area.
“In an era where there is less emphasis on investing in suburban office buildings, this 116-acre campus’ exceptional location, tenant roster and advanced technology achieved bar-setting results, with the region’s highest per-square-foot pricing and lowest cap rate for this sector in 2022,” said Prism’s Eugene Diaz, principal partner. “The significance
of this transaction further validates ON3’s emergence as a world-class, mixed-use destination.”
Eastdil Secured represented Prism in the $131.7 million transaction, which comes nearly six years after the latter purchased the campus and a decade after Roche said it would vacate its North Jersey home of more than 80
service cafe with a coffee bar and a high-end fitness center, among others features.
“Warren Corporate Center is a suburban office site designed for
the modern employee,” said Sam Morreale, founding and managing partner of Vision Real Estate Partners. “The institutional-quality property
is a rare blend
of full-service
amenities,
outdoor spaces
and experiential
features, such
as our unique
lifestyle center,
that separate
the property
from others in the region. Warren Corporate Center is a singular offering in the highly competitive New Jersey office market, and we are pleased
to welcome PTC as the long-term, addition to the campus.”
PTC has made several notable real estate moves in New Jersey in recent years, including a 185,000-square- foot lease at the Princeton West Innovation Campus in Hopewell and a 101,500-square-foot deal at The New Jersey Center of Excellence
in Bridgewater. It’s currently based at 100 Corporate Court in South Plainfield.
years. Prism has since repositioned much of the property while attracting major users, with tenants including Hackensack-Meridian School of Medicine at Seton Hall University and Seton Hall’s Graduate College
of Nursing and School of Health and Medical Sciences, along with Modern Meadow, Ralph Lauren Corp. and Quest Diagnostics.
Eisai’s presence at 200 Metro Blvd.,
a landmark glass and marble tower, includes corporate and research and development teams. Prism has been providing management services to the company and will continue to do so under a new agreement with Cantor Fitzgerald.
“We are proud of the fact that the building’s new ownership is entrusting this role to our experienced property services team,” said Prism’s Edwin Cohen, a principal partner. “This
sale continues a track record of stabilization and strategic divestment of the built product at ON3 — yet in each case we have remained involved as property manager.”
PTC Therapeutics has leased 360,000 square feet for a new corporate headquarters in Warren, in a deal that marks one of New Jersey’s largest office leases of the past decade.
The drug maker, which is currently headquartered in South Plainfield, will occupy two full buildings at 400 and 500 Warren Corporate Center Drive. It’s leasing the space from a joint venture of Rubenstein Partners LP and Vision Real Estate Partners,
which announced the blockbuster deal in early June and have repositioned much of the five-building campus off Interstate 78.
Jeff Zell and Louis Kluger of JM Zell Partners represented PTC in the transaction, while Robert Donnelly Sr., Robert Donnelly Jr., Paul Giannone, Todd Elfand and Kevin Carton of Cushman & Wakefield represented ownership alongside Robert Klausner of Fox Rothschild LLP. The biopharma
Sam Morreale
500 Warren Corporate Center Drive in Warren
PRISM SELLS FLAGSHIP ON3 OFFICE TOWER IN NUTLEY FOR $132 MILLION
Prism Capital Partners has sold
the flagship office building at its ON3 campus, fetching more than $130 million for the fully leased, 300,000-square-foot tower in Nutley.
The developer on July 11 said an
affiliate of Cantor Fitzgerald LP purchased the 15-story property, 200 Metro Blvd., which serves as the U.S. headquarters of Eisai Inc. The deal follows Prism’s extensive renovation to the building and the
200 Metro Blvd. in Nutley
Courtesy: Prism Capital Partners Courtesy: Rubenstein Partners LP/Vision Real Estate Partners