Download Word Document: Click Here
Move Makes Way for Eisai Pharmaceuticals at Flagship Redevelopment
NUTLEY, N.J., March 24, 2021 – Prism Capital Partners has relocated its headquarters to 310 Kingsland Street at ON3, the commercial real estate owner/operator’s 116-acre flagship redevelopment spanning Nutley and Clifton.
Prism’s move from 200 Metro Boulevard, where the firm has operated since 2019, makes way for Eisai Inc.; the pharmaceutical company signed a full-building commitment for the 15-story LEED Gold tower last summer.
“Our move reflects Prism’s flexibility and our support of the progress and growth of ON3,” said Prism’s Edwin Cohen, principal partner. “We are committed to keeping our unified operations here and remaining part of everyday life within this vibrant, evolving community.”
Prism’s new home at 310 Kingland Street, a former conference center building, has been built out by the firm’s in-house construction team. Cohen added that the long-term plan is to design and develop a stand-alone Prism headquarters building on the ON3 campus.
Eisai Inc.’s lease of 200 Metro Boulevard marked New Jersey’s largest office lease in 2020. The blockbuster transaction – made even more impressive via its execution during a global pandemic – brought ON3’s 1.45 million square feet of existing office and R&D/lab product to 100% occupancy. Eisai will relocate its N.J.-based headquarters from Woodcliff Lake to ON3, with plans to transfer up to 1,200 of its corporate staff and research & development team by late 2021.
Since Prism’s 2016 acquisition of the ON3 site, sustained activity has been rebuilding the tenant population at the former Hoffmann-La Roche campus. This includes a blue-chip list of corporate, life sciences, biotech and educational tenants that Prism anticipates will employ more than 5,500 people at ON3 by the end of this year. To support this population and future development, the firm in 2020 completed construction of two parking structures and the bulk of a more than $35 million campus infrastructure improvement program – including roadways, parking and utilities upgrades.
ON3’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. The mixed-use complex will integrate office and R&D facilities, recreational, hospitality and wellness options, among others, and is positioned to set a benchmark in Walking Urbanism.