PRISM EXPANDS, RELOCATES HEADQUARTERS TO ITS OWN BROADACRES OFFICE PARK

PRISM EXPANDS, RELOCATES HEADQUARTERS TO ITS OWN BROADACRES OFFICE PARK

Move Brings Team Under One Roof, Establishes Proximity to Key Projects

BLOOMFIELD, N.J. – June 20, 2012 – (RealEstateRama) — Prism Capital Partners, LLC has relocated its headquarters to BroadAcres Office Park from Englewood, N.J., in an expansion move, announced Edwin Cohen, principal partner. The commercial real estate owner/operator has maintained its property management operations at 200 Broadacres Drive since 2006, when it purchased the 380,000-square-foot, four-building BroadAcres campus.

Cohen noted that the company’s growth and the acceleration of key local projects were catalysts for consolidating their staff into a single location, and that BroadAcres was the logical choice. “We are involved in two major construction projects within 10 minutes of this property,” he noted. “It has become increasingly important for our Prism Construction Services, LLC division, especially, to be physically closer to these sites as things progress.

“Taking that further, we recognize that being under one roof brings significant advantage in terms of synergy and efficiency,” he added. “We are particularly pleased to be able to achieve that at one of our own properties. BroadAcres has evolved into a flagship for our company over the past six years. It really is a great environment in which to do business.”

Prism’s ongoing capital improvement program at the property has brought enhancements like the creation of an outdoor courtyard and patio area, and full lobby updates at 300 and 400 Broadacres Drive. Tenants also enjoy available conference space and upscale, specialty sit-down food service and on-site catering from Classic Cafe. The café and shop opened last year adjacent to the new courtyard on the ground floor of 200 Broadacres Drive. A featured fountain as well as beautifully manicured grounds highlight the 20-acre campus.

The Aztec Corporation is designing Prism’s new, 7,000-square-foot office at BroadAcres, which will house approximately 30 staff members. Prism currently is occupying temporary space at 200 Broadacres Drive.

BroadAcres Office Park is located between Garden State Parkway exits 151 and 153, near the interchanges of routes 3 and 46. It sits just north of Prism’s recently launched Parkway Lofts, a multi-family adaptive reuse project. The General Electric Company in 1897 built the landmark, six-story warehouse that Prism is redeveloping into 365 loft-style apartments with lifestyle amenities. The firm also is building a three-level parking facility during Phase I of the project. Upon completion, the property will be transformed into a distinctive residential village also featuring approximately 170 for-sale townhomes and a clubhouse, to be built as part of Phase II.

Prism also is serving as designated redeveloper for Edison Village, a master-planned mixed-use project in nearby West Orange, N.J. That project’s first phase will include the adaptive reuse of the historic Thomas Edison Invention Factory and Commerce Center, including a total renovation and reconstruction of the nearly 100-year-old factory complex.

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About Prism Capital Partners

Media Contact:
Evelyn Weiss Francisco: evelyn (at) caryl (dot) com, (201) 796-7788, www.twitter.com/carylcomm

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