Prism Capital Partners announces sale of ON3’s 111 Ideation Way in Nutley, NJ
NUTLEY, NJ — Prism Capital Partners has announced the sale of ON3’s 111 Ideation Way to investment management firm Harrison St. The 157,000 s/f, state-of-the-art life sciences R&D and laboratory facility is fully occupied and serves as an anchor for the 116-acre redevelopment site spanning the Township of Nutley and City of Clifton.
Cushman & Wakefield’s East Rutherford-based investment sales team of Andrew Merin, David Bernhaut, Gary Gabriel, Frank DiTommaso and Kyle Schmidt brokered the transaction, with support from John Alascio and Sridhar Vankayala of the firm’s Equity, Debt & Structured Finance team. Harrison Street has retained Prism to continue providing property management services for the building.
The four-story 111 Ideation Way serves as home to blue-chip tenants including the Hackensack Meridian Health Center for Discovery and Innovation, a National Health Institute-designated Clinical Research Center; Modern Meadow, a leading biofabrication research and development company; and Y-mAbs Therapeutics, Inc., a biopharmaceutical company specializing in developing therapeutic oncology solutions.
“As ON3’s flagship lab facility, 111 Ideation Way speaks to the market's sustained demand for modern R&D space,” said Prism’s Eugene Diaz, principal partner. “Our vision is that ON3 will continue to evolve into a vital hub for industry leaders in life sciences and biotech.” The campus also serves as the future home of Quest Diagnostics’ 250,000 s/f diagnostic testing laboratory, currently under development.