An affiliate of Cantor Fitzgerald LP purchased the flagship office building at ON3 for a record $131.7 million, Prism Capital Partners said July 11.

According to the announcement, the sale of 200 Metro Blvd. is the largest suburban office transaction in New Jersey this year.

Eastdil Secured represented Prism in the sale to the New York City-based institutional investor.

“In an era where there is less emphasis on investing in suburban office buildings, this 116-acre campus’ exceptional location, tenant roster and advanced technology achieved bar-setting results, with the region’s highest per-square-foot pricing and lowest cap rate for this sector in 2022,” said Prism Principal Partner Eugene Diaz in a statement. “The significance of this transaction further validates ON3’s emergence as a world-class, mixed-use destination.”

Eisai Inc., the U.S. subsidiary of Tokyo’s Eisai Co. Ltd., has its corporate headquarters at the 300,000-square-foot building where it relocated approximately 1,200 corporate and R&D team members in the spring. The move followed extensive façade upgrades, other building renovations and the addition of a courtyard with communal gathering areas. Before the pharmaceutical company moved in, Prism was based at the LEED Gold building, making the move to 310 Kingsland St. at ON3 in March 2021. Eisai’s full-building lease brought ON3’s existing 1.45 million square feet of office and R&D/lab product space to 100% occupancy.

Prism said the Cantor Fitzgerald affiliate retained the firm in a management capacity for 200 Metro Blvd.; it already provides property management services there under an agreement with Eisai.

“We are proud of the fact that the building’s new ownership is entrusting this role to our experienced property services team,” Prism Principal Partner Edwin Cohen said in a statement. “This sale continues a track record of stabilization and strategic divestment of the built product at ON3 – yet in each case we have remained involved as property manager.”

ON3 was the former home of Hoffmann-La Roche’s North American headquarters. Its current tenant roster includes Quest Diagnostics, Ralph Lauren Corp. and the Hackensack-Meridian School of Medicine, Hackensack Meridian Health’s Center for Discovery and Innovation, Modern Meadow, Y-mAbs Therapeutics, Inc., and Seton Hall University’s Graduate College of Nursing and School of Health and Medical Sciences. According to Prism, ON3’s current businesses employ more than 5,500 people.

And the property is still growing, with more than 2 million square feet of new space planned for the campus. Prism said its vision for the site encompasses a 24/7 environment with integrated offices and R&D facilities; educational, recreational, retail, hospitality and wellness options; and other uses.

Editor’s note: A previous version of this story indicated that the sale of 200 Metro Blvd. was the largest office sale in the state this year, that has since been clarified to reflect that it is the largest suburban office trade in the Garden State year-to-date.