As reported in today’s NJBIZ, Hoffmann-La Roche has completed the purchase and sale agreement of its 116-acre campus, located in Nutley and Clifton, NJ, to PB Nutclif I, an affiliate of Prism Capital Partners. Seton Hall University and Hackensack Meridian Health then entered into a long-term lease with the developer for the creation of a private medical school and clinical research center. Seton Hall will also relocate its College of Nursing and School of Health and Medical Sciences to this site.
A team of Gibbons attorneys, led by Russell B. Bershad and Douglas J. Janacek, co-chairs of the Gibbons Real Property & Environmental Department, has represented Roche in the real estate and development aspects of this transaction and the preparation, negotiation, and completion of all transactional agreements. Closing is scheduled to be completed on September 30, 2016, and is contingent on obtaining development approvals for the School of Medicine.
Tom Lyon, Vice President and Site Head, Roche Nutley, stated “The sale, along with the signing of a long-term lease for the medical and health sciences campus, will enable the local communities to begin to envision a new landscape, possibilities for redevelopment, jobs and ratables. Overall, this is a positive step both locally for the communities of Nutley and Clifton as well as regionally, for New Jersey. This is truly a success on all levels.”
Click here for the full press release issued by Roche.