With final site plan approval, development firm Prism Capital Partners plans to begin work on a four-story New Jersey medical office building in the first quarter of 2021, according to Real Estate Weekly.
Five insights:
1. Hackensack (N.J.) Meridian Health has pre-leased the 80,000-square-foot facility, which will occupy a parcel of land on Prism's ON3 campus.
2. The development site spans Nutley, N.J., and Clifton, N.J., and it was once a complex for pharmaceutical company Hoffmann-La Roche.
3. Expected to wrap up in mid-2022, the campus' new built-to-suit facility will include multispecialty practice areas as well as an ASC.
4. An estimated 5,500-plus people will be employed at the ON3 campus by 2021.
5. The campus is already home to Hackensack's School of Medicine and Center for Discovery and Innovation, a National Health Institute-designated Clinical Research Center. Quest Diagnostics and a graduate nursing program are among the campus' incoming tenants.