CoStar, CPE Recognize Progress at 116-acre Clifton/Nutley Campus
CLIFTON/NUTLEY, N.J. – Prism Capital Partners and its award-winning ON3 development have two new accolades to boast. CoStar named ON3 “Redevelopment of the Year” for northern New Jersey in its 2023 Impact Awards, while the 116-acre campus earned a Silver Award for “Best Development: Mixed-Use” in Commercial Property Executive’s annual Influence Awards.
Both programs celebrate the most notable properties, transactions and people in the commercial real estate industry.
Prism’s world-class redevelopment began in 2016 with the firm’s acquisition of the former Hoffmann-La Roche North American Headquarters campus spanning Clifton and Nutley. Since then, sustained activity has rebuilt the tenant population. The campus’ existing 1.45 million square feet of office and R&D/lab space is 100% occupied, and more than 5,500 professionals work on the campus.
“These two honors are a testament to the quality and impact of ON3,” said Prism’s Eugene Diaz, principal partner. “This campus serves as a prime example of transformational land use and creative visioning in suburban redevelopment, and we look forward to continuing to help these municipalities strengthen their local economies and create an enduring legacy of success.”
Prism has focused on reshaping a former single-user complex that had gone dark into a world-class, multi-tenant lifestyle hub integrating office and R&D, educational, recreational, retail, hospitality and wellness facilities. Notably, Prism completed more than $100M in campus infrastructure improvements to support the current population and future development.
Today, ON3 occupants include Eisai Inc., Hackensack Meridian Health Center for Discovery and Innovation, Hackensack Meridian School of Medicine, Seton Hall University’s Graduate College of Nursing and School of Health and Medical Sciences, Quest Diagnostics, The Ralph Lauren Corporation, Modern Meadow, and Y-mAbs Therapeutics.
More than 2 million square feet of additional, new space is planned for ON3, the state’s largest contemplated redevelopment.
Prism Capital Partners – which maintains its headquarters at ON3 – has a proven track record of creating value through select real estate investments and developments. Geographically focused in the New Jersey/New York/Connecticut regional market, Prism specializes in identifying, acquiring and creating distinctive, value-added opportunities in the office, R&D, education, retail, industrial and residential sectors.