ON3’s Flagship Office Tower Trades to Cantor Affiliate for $132M
Prism Capital Partners has sold ON3’s flagship office tower, 200 Metro Blvd. in Nutley, NJ, to a Cantor Fitzgerald affiliate. Eastdil Secured represented Prism in the $131.7-million transaction, reportedly New Jersey’s largest 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,” said Prism’s Eugene Diaz, principal partner.
The 300,000-square-foot 200 Metro Blvd. serves as Eisai Inc.’s new corporate headquarters. Prism already provides property management services under an agreement with Eisai, and an affiliate of Cantor Fitzgerald has retained Prism in a management role for the property.
Formerly Hoffmann-La Roche’s North American Headquarters, the ON3 campus is home to a diverse range of tenants. An additional two million square feet of development is planned
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces.
Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications.
Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).