Bloomfield Developer Finalizes Purchase Of Former Roche Building

BLOOMFIELD, NJ — Bloomfield developer Prism Capital Partners has officially closed on its purchase of the former Hoffmann-La Roche site, located in Nutley and Clifton.

According to a company news release, Prism closed on the 116-acre property on Friday, clearing the way for renovations that will herald the arrival of new tenants Hackensack Meridian Health and Seton Hall University, who plan to create a new, four-year school of medicine at the site.

• See related article: New Medical School Plans Move Ahead In Nutley: Seton Hall, Hackensack UHN Involved

“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 preeminent commercial location,” Prism Principal Partner Eugene Diaz said.

According to Prism, with financial and development approvals by both municipalities now in place, Seton Hall and Hackensack Meridian will immediately move to launch improvements aimed at converting the leased buildings to fit the needs of the new Seton Hall-Hackensack Meridian School of Medicine.

Prism has already attracted “several other notable companies” that plan to lease three additional office buildings totaling over 700,000 square feet, the company stated.

Diaz said that over the next 12 to 18 months, Prism will work closely with the Township of Nutley, City of Clifton and a team of consultants to develop the Roche-Nutley-Clifton (RNC) Campus master plan.

“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 stated.

Prism’s Edwin Cohen, principal partner, said that designing a site that will produce a stable and increasing tax base is a top priority for the company.

“We believe our mixed-use, multi-user environment will ensure ongoing tax ratables and daytime support for local businesses,” he said.

While in operation, Roche paid more than $9 million a year in property taxes to Nutley and received millions in tax abatements in the four years before they announced they would shut down operations.

An estimated 1,000 workers were be laid off when the company ceased operations in December of 2013.

• See related article: Roche Employees Devastated by News of Closure

Photo: Prism Capital Partners

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