The deal has finally been reached.
The Hoffmann-La Roche campus, part of the Nutley and Clifton communities for about 80 years, has been sold the PB Nutclif I LLC, an affiliate of Bloomfield-based Prism Partners.
“Following two full years of comprehensive diligence and complex negotiations involving many stakeholders, the pieces are now in place to move this landmark campus into its next chapter as a preeminent commercial location,” Prism Principal Partner Eugene Diaz stated in a press release. “With the cooperation of Roche, we already have secured an outstanding long-term anchor tenant and new-business magnet.”
With financial and development approvals by both municipalities now in place, Seton Hall and Hackensack Meridian immediately will launch improvements to convert the leased buildings to accommodate the needs of the new Seton Hall-Hackensack Meridian School of Medicine. Seton Hall will co-locate its College of Nursing and School of Health and Medical Sciences at the site, and Hackensack Meridian plans to create a National Health Institute-designated Clinical Research Center there as well.
It’s the end of an era but not necessarily for the worst.
Prism is also marketing three additional, existing office buildings, totaling more than 700,000 square feet, for build-to-suit lease and development sites. Prism has attracted several notable companies and is negotiating agreements with these users for additional leases on the site, according to Diaz.
Prism Principal Partner Edwin Cohen stated that the site should produce a stable and increasing tax base.