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
- ◦Sale/Acquisition
