Prism Capital Partners, Hoffmann-La Roche sign purchase & sale agreement for 116 -acres
NUTLEY/CLIFTON, NJ — In a blockbuster acquisition play, PB Nutclif I, LLC, an affiliate of locally based Prism Capital Partners (Prism) signed a purchase and sale agreement with Hoffmann-La Roche Inc. (Roche), to purchase the 116-acre former North American Headquarters campus spanning the Twp. of Nutley and City of Clifton. At the same time, Hackensack Meridian Health and Seton Hall University committed to leasing two major buildings and 16 acres at the property. Prism will implement substantial improvements to convert the leased buildings to accommodate the needs of the new Seton Hall-Hackensack Meridian School of Medicine. In addition, Seton Hall will co-locate its College of Nursing and School of Health and Medical Sciences to the site, and Hackensack Meridian plans to create a National Health Institute-designated Clinical Research Center there as well. The campus sale is expected to close Sept. 30, contingent upon financial and development approvals for the medical school facility by both municipalities. “Following more than 22 months of comprehensive diligence and complex negotiations, we are delighted to have reached this important transactional milestone,” said Prism’s Eugene Diaz, principal partner. “With the cooperation of Roche, we have secured an outstanding long-term anchor tenant and new business magnet for this campus.” According to Diaz, growing demand for 24/7 convenience living is resulting in better-balanced business centers that provide a mix of housing options and appealing amenities.