Real Estate Weekly
Image default
Deals & Dealmakers

Ralph Lauren nabs $33M break in New Jersey

Ralph Lauren Corporation has signed a full-building lease at Prism Capital Partners’ ON3, becoming the latest tenant to commit at the 116-acre campus in Nutley.

The iconic American lifestyle brand will remain headquartered in NYC and will move its New Jersey hub from nearby Lyndhurst to 100 Metro Blvd., supported by a $33 million Grow NJ grant.

Prism Capital Partners will immediately launch a renovation of the seven-story former Hoffman La Roche campus highlighted by a complete lobby redesign featuring 30-foot ceilings and a new entryway. Outside, the firm will create a courtyard with communal areas for social and business gatherings.

Additionally, Prism will complete the construction of a parking garage to serve both 100 Metro Blvd. and future tenants at the adjacent, 15-story 200 Metro Blvd. tower in time for Ralph Lauren’s anticipated move-in.

Located just nine miles from Manhattan on Route 3, the mixed-use complex will integrate office and R&D facilities, recreational, hospitality and wellness options, among others. The New York City-based global fashion designer, marketer and distributor is expected to finish its relocation by late 2019 or early 2020.

The New Jersey Institute of Technology will open its Innovation Institute in 12,000 s/f in ON3’s Building 102 in Nutley.

Prism Capital Partners is in the midst of a multi-tier infrastructure and site work development plan at the property.
Phase I – involving the addition and rebranding of streets, and streetscaping and landscaping on the east portion of the campus – is nearing the mid-way point.

Slated for completion by year-end, it also includes the installation of new sewer and storm water systems, and a rewiring of PSEG’s connections to the campus electric grid and 10-megawatt, onsite cogeneration facility to enhance redundancy.

(Visited 1 times, 1 visits today)

Related posts

A&E closes on acquisition of 400 East 57th Street

REW

Robotics startup takes 54,000 s/f at 1900 Broadway

REW

SL Green signs Chelsea Piers Fitness as first tenant at One Madison

REW