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Trade of Fully Occupied Facility Speaks to Demand for Modern R&D/Lab Product
NUTLEY, N.J., Dec. 17, 2020 – Prism Capital Partners has announced the sale of ON3’s 111 Ideation Way to investment management firm Harrison Street. The 157,000-square-foot, state-of-the-art life sciences R&D and laboratory facility is fully occupied and serves as an anchor for the 116-acre redevelopment site spanning the Township of Nutley and City of Clifton.
Cushman & Wakefield’s East Rutherford, N.J.-based investment sales team of Andrew Merin, David Bernhaut, Gary Gabriel, Frank DiTommaso and Kyle Schmidt brokered the transaction, with support from John Alascio and Sridhar Vankayala of the firm’s Equity, Debt & Structured Finance team. Harrison Street has retained Prism to continue providing property management services for the building.
The four-story 111 Ideation Way serves as home to blue-chip tenants including the Hackensack Meridian Health Center for Discovery and Innovation, a National Health Institute-designated Clinical Research Center; Modern Meadow, a leading biofabrication research and development company; and Y-mAbs Therapeutics, Inc., a biopharmaceutical company specializing in developing therapeutic oncology solutions.
“As ON3’s flagship lab facility, 111 Ideation Way speaks to the market’s sustained demand for modern R&D space,” said Prism’s Eugene Diaz, principal partner. “Our vision is that ON3 will continue to evolve into a vital hub for industry leaders in life sciences and biotech.” The campus also serves as the future home of Quest Diagnostics’ 250,000-square-foot diagnostic testing laboratory, currently under development.
Cushman & Wakefield’s Merin noted, “The sale of 111 Ideation Way is a strong example of how specialized life sciences product is in high demand within the real estate capital markets. This transaction also further validates ON3’s emergence as the leading center for life sciences/medical facilities.”
Harrison Street is a leading investment management firm focused on real estate properties in the healthcare delivery and life sciences disciplines. “The ON3 campus is the ideal convergence of education and life science, two pillars of Harrison Street’s investment thesis, and we are thrilled to join the park stakeholders with our acquisition of 111 Ideation Way,” said Mark Burkemper, Senior Managing Director; Head of Transactions – North America. “We look forward to supporting HMH, Modern Meadows, and Y-mAbs as they fulfill their missions making a positive societal impact.”
The ON3 campus’ direct accessibility and visibility along Route 3 offers convenient access to a variety of retail and dining destinations as well as major Northern New Jersey highways, including the New Jersey Turnpike and the Garden State Parkway. In addition, the property is proximate to NJ Transit’s Delawanna train station in Clifton, which provides service to New York Penn Station.
New Jersey’s largest contemplated redevelopment, the ON3 campus formerly served as Hoffmann-La Roche’s North American Headquarters. The site’s strategic location – just nine miles from Manhattan – has provided Prism with an opportunity to create a property that speaks to the changing demands of New Jersey communities, residents and businesses. Additional tenants include Eisai Inc., Ralph Lauren Corporation, the Hackensack-Meridian School of Medicine, and Seton Hall University’s Graduate College of Nursing and School of Health and Medical Sciences.
Prism expects that more than 5,500 people will be employed at ON3 by 2021, and ongoing redevelopment is creating hundreds of construction jobs as well. Once completed, ON3’s campus will be a unique and collaborative mixed-use live/work/play urban destination.
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About Prism Capital Partners
Prism Capital Partners is an experienced real estate owner/operator/developer with a proven track record of creating value through select real estate investments and developments. Geographically focused in the New Jersey/New York/Connecticut market, Prism specializes in identifying, acquiring and creating distinctive, value-added opportunities in the office, retail, industrial and residential sectors. The company invests with institutional and private capital sources that rely on Prism’s ability to identify and realize the highest value potential in real estate endeavors of all sizes. To date, the 18-year-old company, with its capital partners, has invested in $750+ million in 17 projects totaling over 5 million square feet.
200 Metro Boulevard, Suite 1300, Nutley, NJ 07110
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About Harrison Street
Harrison Street is one of the leading investment management firms exclusively focused on alternative real assets. Since inception in 2005, the firm has created a series of differentiated investment solutions focused on demographic-driven, needs-based assets. The firm has invested across senior housing, student housing, healthcare delivery, life sciences and storage real estate as well as social and utility infrastructure. Headquartered in Chicago with an office in London, the firm has more than 185-employees and approximately $29 billion in assets under management. Clients of the firm include a global institutional investor base domiciled in North America, Europe, Middle East, Asia and Latin America. Harrison Street has been awarded Best Places to Work by Pensions & Investments for the last six consecutive years and was named 2019 North American Alternatives Investor of the Year by PERE. For more information, please visit www.harrisonst.com
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