Hoffman-LaRoche Campus Redevelopment Earns Award for Suburban Redevelopment
Prism Capital Partners and its ON3 development in Clifton and Nutley were honored by the Urban Land Institute, Northern New Jersey chapter (ULI-NNJ) during the organization’s annual Excellence Awards Gala. ON3 earned top prize in the Suburban Redevelopment category.
ON3 is the redevelopment of the 116-acre former Hoffmann-La Roche campus spanning Clifton and Nutley, it recently celebrated its latest milestone when pharmaceutical giant Eisai Inc. took occupancy of the LEED Gold 200 Metro Boulevard tower. The move brought ON3’s 1.45 million square feet of office and R&D/lab product to 100% occupancy and marked the completion of the project’s Phase I.
Since Prism’s Fall 2016 acquisition of the site, sustained activity has rebuilt the campus’ tenant population, attracting high-profile companies across a range of sectors. This includes a mix of pharmaceutical (Eisai Inc.), research and development (Hackensack Meridian Health Center for Discovery and Innovation), medical education (Hackensack Meridian School of Medicine, and Seton Hall University’s Graduate College of Nursing and School of Health and Medical Sciences), diagnostics (Quest Diagnostics), biotechnology (Modern Meadow), biopharma (Y-Mabs Therapeutics) and corporate (Ralph Lauren Corporation).
“This group of businesses and institutions employs more than 5,500 people at ON3,” noted Prism’s Eugene Diaz, principal partner. “We are proud to have brought life back to this important site with an award-winning redevelopment. The ULI-NNJ honor is an outstanding testament to the impact of our project – and we were thrilled to accept it on behalf of the property, our team, the occupants who call ON3 home and the municipalities who work alongside us to create an enduring legacy of success.”
Prism has completed a more than $35 million campus infrastructure improvement program (including roadways, parking and utilities upgrades) to support the development. Prism added and rebranded streets on the east portion of the campus, installed new sewer and storm water systems to be compliant with the latest NJDEP Stormwater regulations, and orchestrated electrical grid enhancements to further the green mission of the in-place Co-Hybrid campus infrastructure. On the west side, Prism has incorporated a robust roadway network – allocating and integrating development sites, and enabling the campus to be easily and fully traversed.
“In its heyday, the Hoffmann-La Roche campus consisted of approximately 4 million square feet of general office, manufacturing and R&D facilities,” said Prism’s Edwin Cohen, principal partner. “And it employed approximately 10,000 people. Its vacancy had negatively impacted housing values, and profitability for many surrounding businesses. It was a poster child for last-generation suburban campuses gone dark.”
As New Jersey’s largest redevelopment, ON3 carries expansive economic benefits, including thousands of jobs created, and it serves as a prime example of transformational land use and creative visioning in suburban redevelopment, Cohen added. “ON3’s location on Route 3, sandwiched between the Garden State Parkway and the NJ Turnpike – 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.”
Clifton's Mayor Anzaldi added "This is great news! When Hoffman-La Roche first announced they were leaving Clifton, I remember saying that we’d take this lemon and make lemonade. That has come to fruition. The important part is it created more ratables and jobs for our community, that is a win-win for everyone. I’m looking forward to the final phases of the redevelopment."
Prism’s vision for ON3 focuses on creating a mixed-use setting integrating office and R&D facilities, educational, recreational, hospitality and wellness options, as well as all other uses that will comprise the 24/7 environment. According to Diaz, ON3 illustrates the vital role of public/private partnership in suburban redevelopment.
“Prism views its role as one responsible for helping these municipalities reestablish themselves and their local economies by revitalizing this previously dormant and underutilized site into a benchmark in New Urbanism – creating long-term, sustainable value for the communities,” Diaz concluded.
Press release content by Prism Capital Partners