Firm Sells ‘Flagship Office Tower’ At ON3 In Nutley For $131M

NUTLEY, NJ — “New Jersey’s largest suburban office trade” so far in 2022 was announced Monday with a $131.7 million swap between Prism Capital Partners and Cantor Fitzgerald, L.P.

The deal involves 200 Metro Boulevard in Nutley, which Prism spokespeople described as the “flagship office tower” at the ON3 development, the 116-acre project that replaced the former Hoffmann-La Roche campus.

ON3, which is located on Route 3 near Clifton and Nutley, is now home to tenants that span several industries: 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).

More than 5,500 people are now employed at ON3, Prism said.

The 300,000-square-foot building at 200 Metro Boulevard currently serves as Eisai Inc.’s new corporate headquarters. This spring, the U.S. pharmaceutical subsidiary of Tokyo-based Eisai Co., Ltd. relocated nearly 1,200 corporate and R&D team members to the building, Prism said.

• See related article: Pharma Company Moves Headquarters To Nutley

Prism already provides property management services to the building under an agreement with Eisai, and an affiliate of Cantor Fitzgerald has retained Prism in a management role for 200 Metro Boulevard, the firm said.

“We are proud of the fact that the building’s new ownership is entrusting this role to our experienced property services team,” said Edwin Cohen, principal partner at Prism.

The ON3 development site has earned its developers accolades – and criticism. Prism Capital has seen some stiff pushback from Nutley town officials, who threatened to use eminent domain at the property in 2021.

• See related article: Nutley, Prism Trade 'Facts And Fictions' As ON3 Battle Heats Up

However, Prism Capital recently scored a win when ON3 earned a top prize from the Urban Land Institute's Northern New Jersey chapter as part of the organization's annual Excellence Awards Gala.

• See related article: ON3 Development In Nutley, Clifton Wins Award

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