The school will be located on a 116-acre, former pharmaceutical site between Nutley and Clifton.
PB Nutclif I, an affiliate of Prism Capital Partners, completed the purchase of the building from Hoffmann-La Roche on Wednesday, at the same time it signed the lease with the school partners.
The lease is set to begin early October, according to a statement from Seton Hall and Hackensack Meridian Health.
The site includes 16 acres and two buildings that Prism will develop into the new school, which will also host Seton Hall's College of Nursing and School of Health and Medical Sciences, as well as the future site of a National Health Institute-designated clinical research center.
The co-location of the two existing programs in the new school is designed to mirror how health care will be delivered in the future, according to a statement from Hackensack Meridian and Seton Hall. Bonita Stanton was named the founding dean earlier this year and the first school year is slated for fall 2018.
"Seton Hall is proud to partner with Hackensack Meridian Health in the signing of this lease agreement to create a state-of-the-art health and medical sciences campus that will serve as the home for our new School of Medicine," said Seton Hall President A. Gabriel Esteban. "The new campus will allow us to become the pre-eminent center for Catholic-based health sciences education in the Northeast."
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