Group Includes Three Former Hoffmann-La Roche Professionals Bringing 90+ Years of Site Experience
With redevelopment momentum picking up speed at ON3, Prism Capital Partners has assembled a talented and seasoned team to oversee day-to-day operations, announced Eugene Diaz, principal partner. The five-member group includes three former Hoffmann-La Roche employees, who bring more than 90 years of combined experience at the 116-acre campus in Nutley and Clifton.
“ON3 is a highly complex site from an operational standpoint,” Diaz said. “Beyond the sheer scope of the project’s mixed-use master plan, this campus houses an intricate utility infrastructure, with capability to produce 10-megawatt cogenerated electricity, 15 tons of cooling capacity and 150,000 pounds of steam boiler capacity per hour. Additionally, ON3’s 1.2 million square feet of existing office and research space contains sophisticated and distinct building systems – with more to come. Simply put, we needed the best people and strongest leaders on the ground as we move forward with the redevelopment and welcome the first tenants to ON3.”
Prism’s Richard Margerison, Jr., senior property manager, is serving as ON3 team lead. The seasoned industry veteran joined the company in 2015 with more than two decades of experience in large-scale property and facilities management, project management, and construction. David Altenau, a 28-year Hoffmann-La Roche employee, has been named director of operations for ON3. He brings deep knowledge of utility operations and maintenance at the site, which at one time housed more than 6,000 employees and serviced critical research and pharmaceutical production operations.
Tim Keating, property manager for ON3, provides building oversite and heads campus security. His 31-year career with Hoffmann-La Roche yielded an in-depth knowledge of building financials and mechanical systems. A member of the Nutley Rescue Squad, he maintains long-time relationships with local EMS teams. Mike Meechan, who joined Hoffmann-La Roche in 1984, is ON3’s facilities manager in charge of construction management. With a strong background in mechanical engineering, Meechan is overseeing demolition and site prep, as well as new development and redevelopment on the campus.
The fifth ON3 operational team member, Ido Weinberger, recently joined the firm as a senior analyst. As part of his role, Weinberger is leading the underwriting for the ongoing development at ON3, including commercial lease analysis, and debt and capital markets research.
“Rick, Dave, Tim, Mike and Ido make a great team, each bringing specialized experience and an enthusiasm for feeding off the others’ knowledge,” noted Prism’s Jonathan Hoff, senior vice president, Management Services. “Everyone is excited to be part of ON3. Watching the campus come back to life is especially gratifying for the former Hoffmann-La Roche folks – who all were involved in ramping down operations when the property went dark five years ago.”
With master planning well underway, ON3 is positioned to set a benchmark in Walking Urbanism. It 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.
Two buildings being converted for the new Seton Hall-Hackensack Meridian School of Medicine are nearing completion and will be ready to accommodate 2018 summer classes. Seton Hall University will co-locate its Graduate College of Nursing and School of Health and Medical Sciences on its 16-acre site as well, and Hackensack Meridian is creating a National Health Institute-designated Clinical Research Center there. Joining this anchor, biofabrication company Modern Meadow in mid-2017 leased and moved into its 73,000-square-foot, state-of-the-art laboratory. A future pilot manufacturing plant will be located here as well. And, during the fourth quarter, major LOIs having been executed by multiple additional office and R&D/lab space users.