Howard Lutnick’s Cantor Fitzgerald paid $131.7 million for a New Jersey office property that made headlines two years ago as the site of one of the Garden State’s largest pandemic-era office leases.
An affiliate of Cantor Fitzgerald bought the 15-story office building at 200 Metro Boulevard in Nutley from Prism Capital Partners, paying about $439 per square foot for the 300,000-square-foot property, Prism said Monday.
Located on Prism’s 1.4-million-square-foot ON3 mixed-use campus, about 10 miles west of Midtown Manhattan, the building is fully leased to Japanese pharmaceutical company Eisai Inc., which moved its U.S. headquarters and 1,200 employees there in 2020 in what was reportedly New Jersey’s largest office lease since before the pandemic.
Prism purchased the 116-acre campus in 2016 from health care conglomerate Hoffmann-La Roche and plans to develop 2 million square feet of additional office, laboratory, residential and retail space there, with an eye toward attracting more biotech tenants. Prism will remain the building’s property manager after the sale, in which it was represented by Eastdil Secured.
Other tenants on the campus include Quest Diagnostics, Ralph Lauren, the Hackensack-Meridian School of Medicine and Seton Hall University. Upwards of 5,500 people work on the campus, according to Prism.
Prism said the deal represents the largest suburban office sale in New Jersey this year. The biggest office trade overall appears to have taken place in Jersey City, where Vision Properties and Hana Alternative Asset Management bought 70 Hudson Street, a 12-story, 433,000-square-foot property, from Spear Street Capital and PFA Pension in February for a reported $300 million.
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