Photo Courtesy of Prism 200 Metro Boulevard, located at ON3 in Nutley, has been sold for $131.7 million.
200 Metro Boulevard, located at ON3 in Nutley, has been sold for $131.7 million.
NUTLEY, NJ — Prism Capital Partners has announced the sale of ON3’s flagship office tower, 200 Metro Boulevard in Nutley, to an affiliate of Cantor Fitzgerald. Eastdil Secured represented Prism in the $131.7 million transaction to the New York City–based institutional investor, marking New Jersey’s largest suburban office trade year-to-date.
“In an era where there is less emphasis on investing in suburban office buildings, this 116-acre campus’ exceptional location, tenant roster and advanced technology achieved bar-setting results, with the region’s highest per-square-foot pricing and lowest cap rate for this sector in 2022,” Prism principal partner Eugene Diaz said. “The significance of this transaction further validates ON3’s emergence as a world-class, mixed-use destination.”
The 300,000-square-foot 200 Metro Boulevard serves as Eisai Inc.’s new corporate headquarters. This spring, the U.S. pharmaceutical subsidiary of Tokyo-based Eisai Co. Ltd., relocated approximately 1,200 corporate and R&D team members to the LEED Gold building. Eisai’s full-building lease — signed in 2020 — brought ON3’s existing 1.45 million square feet of office and R&D/lab product to 100-percent occupancy.
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.
“We are proud of the fact that the building’s new ownership is entrusting this role to our experienced property services team,” Prism principal partner Edwin Cohen said. “This sale continues a track record of stabilization and strategic divestment of the built product at ON3 — yet in each case we have remained involved as property manager.”
The award-winning ON3 campus formerly served as Hoffmann–La Roche’s North American headquarters. More than 2 million square feet of additional, new space is planned for ON3, New Jersey’s largest contemplated redevelopment.
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