Prism Capital Partners said Thursday it sold ON3’s 111 Ideation Way to investment management firm Harrison Street. The 157,000-square-foot, life sciences R&D and laboratory facility is fully occupied and serves as an anchor for the 116-acre redevelopment site spanning the Township of Nutley and City of Clifton.

Cushman & Wakefield’s East Rutherford-based investment sales team of Andrew Merin, David Bernhaut, Gary Gabriel, Frank DiTommaso and Kyle Schmidt brokered the transaction, with support from John Alascio and Sridhar Vankayala of the firm’s Equity, Debt & Structured Finance team. Harrison Street has retained Prism to continue providing property management services for the building.

The four-story property serves as home to blue-chip tenants including the Hackensack Meridian Health Center for Discovery and Innovation, a National Health Institute-designated Clinical Research Center; Modern Meadow, a leading biofabrication research and development company; and Y-mAbs Therapeutics, Inc., a biopharmaceutical company specializing in developing therapeutic oncology solutions.

“As ON3’s flagship lab facility, 111 Ideation Way speaks to the market’s sustained demand for modern R&D space,” said Prism’s principal partner Eugene Diaz. “Our vision is that ON3 will continue to evolve into a vital hub for industry leaders in life sciences and biotech.” The campus also serves as the future home of Quest Diagnostics’ 250,000-square-foot diagnostic testing laboratory, currently under development.

Cushman & Wakefield’s Merin noted, “The sale of 111 Ideation Way is a strong example of how specialized life sciences product is in high demand within the real estate capital markets. This transaction also further validates ON3’s emergence as the leading center for life sciences/medical facilities.”

The ON3 campus’ direct accessibility and visibility along Route 3 offers convenient access to a variety of retail and dining destinations as well as major Northern New Jersey highways, including the New Jersey Turnpike and the Garden State Parkway. In addition, the property is proximate to NJ Transit’s Delawanna train station in Clifton, which provides service to New York Penn Station.

New Jersey’s largest contemplated redevelopment, the ON3 campus formerly served as Hoffmann-La Roche’s North American Headquarters. The site’s strategic location – just nine miles from Manhattan – has provided Prism with an opportunity to create a property that speaks to the changing demands of New Jersey communities, residents and businesses. Additional tenants include Eisai Inc., Ralph Lauren Corp., the Hackensack-Meridian School of Medicine, and Seton Hall University’s Graduate College of Nursing and School of Health and Medical Sciences.

Prism expects that more than 5,500 people will be employed at ON3 by 2021, and ongoing redevelopment is creating hundreds of construction jobs as well. Once completed, ON3’s campus will be a unique and collaborative mixed-use live/work/play urban destination.