Bloomfield-based Prism’s affiliate PB Nutclif I LLC wrapped up the deal following the necessary approvals from constituents including the municipalities of Nutley and Clifton, where the 116-acre campus is located.
Hackensack Meridian and Seton Hall have signed a long-term lease for two major buildings and 16 acres at the property. Prism is marketing three additional office buildings totaling more than 700,000 square feet of space, as well as additional development sites on the campus.
“Following two full years of comprehensive diligence and complex negotiations involving many stakeholders, the pieces are now in place to move this landmark campus into its next chapter as a pre-eminent commercial location,” Prism Principal Partner Eugene Diaz said in a prepared statement.
Hackensack and Seton Hall can now begin the conversion of the leased buildings to accommodate their needs, Prism said.
The property will be home to Seton Hall’s College of Nursing and School of Health and Medical Sciences, as well as a clinical research center created by Hackensack Meridian.
Meanwhile, Prism said, it will develop a Roche-Nutley-Clifton Campus master plan over the next 12 to 18 months, working with both municipalities and a team of consultants.
“We will focus on the longevity of the site as a foremost goal, assembling an appropriate mix of uses, such as the addition of supporting retail and residential, as a necessary means to attract additional best-in-class corporate and research users,” Diaz said.
“We are confident that our repositioning ultimately will create a unique business location of uncompromised quality and distinction,” Diaz added.