NAIOP New Jersey, the commercial real estate development association, has announced the finalists for its Deal of the Year Awards. Gibbons P.C. was part of the team nominated for Mixed-Use Deal of the Year for the project involving the disposition of the Hoffmann-La Roche US headquarters in Nutley and Clifton, New Jersey. Winners in the categories of Industrial Deal of the Year, Office Deal of the Year, and Mixed-Use Deal of the Year will be announced at the 30th Annual Commercial Real Estate Awards Gala on May 11, 2017.
Gibbons was part of the team that led the successful sale of the former 116-acre headquarters and research and development campus of Hoffmann-La Roche, which spans the municipalities of Nutley and Clifton, to Prism Capital Partners and a Boston-based investment manager. As part of the transaction, a joint venture between Hackensack University Medical Center and Seton Hall University will lease two of the campus buildings and 16 acres of the property for the new Seton Hall–Hackensack Meridian School of Medicine, the first new private medical school in New Jersey in over 40 years. The new site will also house Seton Hall’s College of Nursing and its School of Health and Medical Sciences, along with a National Health Institute-designated Clinical Research Center that Hackensack Meridian plans to develop.
A team of Gibbons attorneys, led by Russell B. Bershad, a Director in the Gibbons Real Property & Environmental Department, and Douglas J. Janacek, Chair of the Gibbons Real Property & Environmental Department, and assisted by Nicole E. Taplin, Jennifer P. Smith, and Jennifer M. Porter, has represented Roche in the real estate and development aspects of this transaction and the preparation, negotiation, and completion of all transactional agreements.
This transaction, along with the creation of the new medical school, is among the largest and most complex recent transactions of this kind in the metropolitan region and is anticipated to give rise to a new commercial center and additional jobs for the area, as purchaser Prism Capital completes plans for the remainder of the site and leasing to additional tenants.
The other members of the team involved in the deal are Hoffmann-La Roche, Inc.; JLL; Prism Capital Partners; Fox Rothschild LLP; Real Estate Strategies Group LLC; Franzini Consulting LLC; Hackensack University Medical Center; Seton Hall University; Cushman & Wakefield; Windels Marx; Connell Foley LLP; and Inglesino, Webster, Wyciskala & Taylor LLC.