An office tower in the ON3 mixed-use campus in Nutley, New Jersey, was recently sold for $131.7 million.
The 300,000-square-foot office tower, 200 Metro Boulevard, is part of the 1.5 million-square-foot mixed-used campus which is situated on the border of Nutley and Clifton. The 116-acre, five-building mixed-use campus was acquired by Prism Capital Partners in 2016 and previously served as Hoffmann-La Roche’s North American headquarters. Prism reportedly intends to expand the ON3 complex by 2 million square feet.
Following the upgrade of the campus in 2020, Eisai Inc. signed on as a tenant which brought the property to full occupancy. Eisai Inc. transferred its corporate headquarters to the LEED Gold-certified 200 Metro Boulevard this past spring.
Prism was represented by Eastdil Secured in the recent sale of 200 Metro Boulevard. The buyer, Cantor Fitzgerald, reportedly used a $66.7 million acquisition loan originated by JPMorgan Asset Management.
The transaction is New Jersey’s largest suburban office deal of 2022 so far.