Medical School Planned for Hoffman-LaRoche Site Acquired by Prism

Aerial view of the Hoffman-LaRoche campus, Nutley and Clifton, NJ

NUTLEY/CLIFTON, NJ— Prism Capital Partners agreed with Hoffmann-La Roche to acquire the pharmaceutical giant’s 116-acre former North American headquarters campus spanning the Township 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 for a jointly operated school of medicine. The parties declined to detail the financial terms of either the acquisition or the leases, but a spokeswoman for Hackensack Meridian Health confirmed to GlobeSt.com that the health system’s lease duration is 25 years. 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 Institut e-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. Financial terms were not disclosed. “Following more than 22 months of comprehensive diligence and complex negotiations, we are delighted to have reached this important transactional milestone,” says 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.” For Bloomfield, NJ-based Prism , the project provides an opportunity to further the “new urbanist” philosophy that is driving New Jersey’s suburban municipalities to redesign their downtowns and commercial corridors, says 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. “We are looking forward to working closely with the City of Clifton and the Township of Nutley to create a new future for this property as a mixed-use site for live, work and play,” he added. “We are confident that our repositioning will attract numerous corporate and research users and, once again, create a unique business location of uncompromised quality and distinction.” The campus sale was particularly complex due to simultaneous discussions between three parties and many stakeholders. “It was important for Roche to sell the property to a qualified developer, while also ensuring that the proposed medical school could become a reality,” says Tom Lyon , vice president and site head, Roche Nutley . “The sale, along with the signing of a long-term lease for the medical school, will enable the local communities to begin to envision a new landscape, possibilities for redevelopment, jobs and ratables. Overall, this is a positive step both locally for the communities of Nutley and Clifton as well as regionally, for New Jersey. This is truly a success on all levels.” The Seton Hall and Hackensack Meridian Health partnership will establish the only private school of medicine in the state and will provide a significant economic boost to the region. The joint venture to create a premier academic institution will provide key educational, research and career opportunities to incentivize the next generation to pursue a career in medicine. “ 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,” says University president A. Gabriel Esteban . “The new campus will allow us to become the preeminent center for Catholic-based health sciences education in the Northeast.” Earlier this year, Dr. Bonita Stanton , a nationally recognized expert on pediatric medicine, was appointed the founding dean of the new School of Medicine, expected to open in fall 2018. The school will be committed to educational and healthcare excellence, cutting-edge research, high quality care, and the advancement of medical and health science educational imperatives. “Together with our partner, Seton Hall University , Hackensack Meridian Health is pleased to enter into this agreement with Prism Capital Partners for the home of our medical school,” says Robert C. Garrett, co-CEO of Hackensack Meridian Health . “The longevity of the lease indicates our confidence that this school of medicine will thrive and become one of the nation’s best. We look forward to providing a world-class medical school on a world-class campus.”