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.
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FACTS 2020: Prism Capital Partners, LLC
200 Metro Boulevard, Suite 1300, Nutley, NJ 07110
Media Contact: Karen Ravensbergen / (201) 796-7788 / karen@caryl.com
Overview
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.
History and Philosophy
Eugene R. Diaz and Edwin H. Cohen, Prism’s principal partners, together have a long and celebrated history of involvement in some of the largest transactions and most successful projects in the New York suburban marketplace. They have grown Prism as an “old-fashioned” real estate firm, adapted to the new world. The company is both an active investor – buying income-producing assets and undervalued properties – and multi-faceted developer – implementing development and redevelopment opportunities utilizing its full in-house capabilities. By seeking opportunities in a broad range of asset classes, the firm has been able to find opportunities to succeed through all market cycles. In 2014 and 2020, NAIOP New Jersey recognized Prism’s contributions by honoring the firm and Diaz, respectively, with its prestigious Impact Award. Prism also was the recipient of two separate “Deal of the Year” awards by the same organization.
Project Highlights
A full list of Prism Capital Partners’ current projects is available here. Highlights include:
Commercial
ON3, Nutley and Clifton, N.J. (ON3NJ.com) – The intersection of urban vitality and suburban flexibility sits just nine miles from Manhattan at ON3, Prism’s redevelopment of the 116-acre former Hoffmann-La Roche campus. The evolving master plan promises a world-class, mixed-use setting integrating office and R&D facilities, recreational, hospitality and wellness options, as well as all other uses that will comprise the 24/7 environment. A growing roster of prestigious organizations is gravitating to New Jersey’s largest redevelopment, rapidly securing its future as a world-class, next-generation campus. To date, they include Ralph Lauren Corporation, Quest Diagnostics, Modern Meadow, Hackensack Meridian School of Medicine at Seton Hall University, Hackensack Meridian’s NIH-designated Clinical Research Center (The Hackensack Meridian Health Center for Discovery and Innovation), and Seton Hall University Graduate College of Nursing and School of Health and Medical Sciences. Prism Capital Partners, itself, relocated its headquarters to the campus in late 2019. These users – and others to come – are propelling ON3 forward as a benchmark in New Urbanism and public/private partnership.
Residential
10 Green Street at the Woodbridge train station (Woodbridge, N.J.) – Prism Capital Partners in late 2019 launched construction for this mixed-use, transit-oriented community consisting of 232 apartments and 12,000 square feet of retail space. Prism, in a joint venture partnership with The Northwestern Mutual Life Insurance Company, purchased the former Lucas Chevrolet dealership site. 10 Green Street will feature a mix of studio, one-, two- and three-bedroom homes. In addition to the street-level service retail, residents will enjoy a host of amenities including a community room with kitchen and bar, fitness center, outdoor pool, patio with grills and firepits, package room, conference room, and covered parking. 10 Green Street responds to sustained demand for transit-oriented multifamily product.
Wonder Lofts, Hoboken, N.J. – Construction is progressing at a steady pace at Wonder Lofts, the industrial-to-residential transformation of the former Wonder Bread factory on Clinton Street in Hoboken. Prism partnered with Angelo, Gordon & Co. and Parkwood Development Corp. to transform the c. 1909 bakery building and surrounding site; Wonder Lofts ultimately will include 83 for-sale and six rental multifamily units in three buildings. The property, designed by Minervini Vandermark, will feature preserved, architecturally significant detail and 10,000 square feet of amenity space. The conversion of the existing seven-story buildings will introduce 68 luxury condominium units featuring private direct-access terraces or rooftop terraces with water, electric and gas hookups. The second building will be built on the corner of 8th and Clinton streets. That five-story structure will include 15 additional condo units. A third building, also located on Clinton Street, will include six affordable rental apartments on five stories.
Leadership
Eugene R. Diaz founded Prism with a mission to strategically invest and develop across a broad spectrum of asset classes and transaction sizes. The firm has evolved into one of the state’s most active and respected developers focusing on the adaptive re-use and repurposing of excess corporate facilities and turn-of-the-century industrial buildings. Throughout his career, Diaz has been responsible for the acquisition and capitalization of more than 26 million square feet of commercial real estate with total transaction value in excess of $3.5 billion. Previously, Diaz worked for Cushman & Wakefield, and held several leadership positions at Gale & Wentworth, including chief investment officer. With multiple industry honors and prominence as a sought-after media source and speaker, Diaz is an outspoken advocate for positive, impactful commercial real estate development.
Edwin H. Cohen joined Prism in 2003 as a principal partner after a 40-year career as one of the most high-profile members of the real estate brokerage community. His wide network of relationships with New Jersey tenants and brokers, and his innate understanding of user space needs have enhanced Prism’s ability to penetrate the market as a go-to landlord. Cohen has completed hundreds of real estate transactions in the Metropolitan New York/New Jersey/Connecticut area, and has been responsible for leasing several million square feet of office space. He previously held executive-level positions with Cushman & Wakefield, Grubb & Ellis and Wm. A. White & Sons. A frequently cited media source and author, and seasoned speaker, Cohen epitomizes the leadership and innovation that has made New Jersey’s commercial real estate industry one of the nation’s best.
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Website: www.prismpartners.net