The 15-story, 324,000-square-foot tower known as Building 76 is state-of-the-art after being renovated in 2007, but Prism Capital Partners still plans major upgrades to help integrate the property into its master plan. — Photo by Jennifer Brown for Real Estate NJ
By Joshua Burd
Prism Capital Partners has officially rebranded the former Hoffmann-LaRoche campus in northern New Jersey, while picking Cushman & Wakefield to market the office space that will anchor one of the state’s most high-profile redevelopment projects.
The firms said Wednesday that Cushman & Wakefield will serve as exclusive leasing agent for what will be known as ON3, part of a 116-acre site along Route 3 that straddles Nutley and Clifton. Master planning is underway to redevelop the iconic property, which includes two office buildings that are immediately available and several build-to-suit opportunities.
A Cushman & Wakefield team led by Robert Rudin, Bill Brown and Josh Cohen are marketing the Class A office buildings, the site’s main 15-story, 300,000-square-foot headquarters tower and a seven-story, 255,000-square-foot building.
“We are incredibly excited to be involved in ON3, which is arguably the most robust project in our region’s development pipeline,” Rudin said. “Prism’s unwavering focus on the longevity of the site — which hinges on assembling an appropriate mix of uses, such as the addition of supporting retail and residential — promises to attract best-in-class corporate users.
“With its strategic location on Route 3, sandwiched between the Garden State Parkway and the NJ Turnpike just nine miles from the Lincoln Tunnel, ON3 is queued up to be a highly sought-after business address.”
An affiliate of Bloomfield-based Prism acquired the campus last fall, following the news in 2012, that Roche, a Swiss pharmaceutical giant, would vacate the site after more than 80 years in North Jersey. The announcement looked to be a devastating blow to the property’s two host communities, but the size, location and quality of several of the buildings at the site made for a redevelopment opportunity that attracted several of the state’s top developers.
Prior to the sale, Hackensack Meridian Health and Seton Hall University committed to leasing two major buildings and 16 acres on the campus for a new medical school. Improvements to convert those facilities are underway, Prism said, noting that Seton Hall will also bring its College of Nursing and School of Health and Medical Sciences to the site.
Prism also said it was negotiating activity on some 150,000 square feet of R&D and lab space that is available at one of the campus’ existing buildings.
“We already have an outstanding, long-term anchor in place and mounting interest for opportunities at ON3,” Edwin Cohen, principal partner with Prism, said in a prepared statement. “At the same time, we are working closely with the Township of Nutley, City of Clifton and a team of consultants to develop a vibrant mixed-use, multi-user plan.”
Eugene Diaz, also a principal partner with Prism, said ON3 provides it with an opportunity create a showplace for the “new urbanist” philosophy that is driving New Jersey’s suburban municipalities to redesign their downtowns and commercial corridors. The firm is currently developing a new website for ON3 that will provide detailed plans, timelines and other important information.
“Growing demand for 24/7 convenience living is resulting in better-balanced business centers that provide a blend of housing options and appealing amenities,” Diaz said. “We are committed to producing an attractive and profitable campus — one sensitive to potential concerns about traffic and quality of life for the larger community.”