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Prism Capital Partners, LLC

Headquartered in Englewood, N.J., Prism Capital Partners is an experienced real estate investment company with a proven track record of creating value through select real estate investments and developments. Geographically focused in the tri-state region of New York, New Jersey and Connecticut, Prism specializes in identifying, acquiring and creating unique, value-added opportunities in the office, retail, industrial and residential sectors. The company invests with institutional and private capital sources that rely on Prism's ability to think "outside the box," and to identify and realize the highest value potential in all sized real estate endeavors. For more information about Prism and its projects, please visit www.prismpartners.net.

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Prism Capital Partners, LLC
50 Grand Avenue • Englewood • New Jersey • 07631
FACTS 2009

Media Contact:            Evelyn Weiss Francisco / (201) 796-7788 / evelyn@caryl.com

COMPANY OVERVIEW
Prism Capital Partners is an experienced real estate investment company with a proven track record of creating value through select real estate investments and developments. Geographically focused in the tri-state region of New York, New Jersey and Connecticut, Prism specializes in identifying, acquiring and creating unique, value-added opportunities in the office, retail, industrial and residential sectors. From acquisition to disposition, zoning and land use issues, demolition, rehabilitation, construction, marketing, leasing, financing and capital structure, Prism's unparalleled stewardship delivers excellence from each project's conception through its disposition.

HISTORY
Prism was founded in February 2002. With more than 65 years of combined real estate investment and development experience, Eugene R. Diaz and Edwin H. Cohen, principal partners of Prism have a long and celebrated history of involvement in some of the largest transactions and most successful projects in the New York suburban marketplace. The internal rate of return on projects in which the principals have served as investor partners exceeds 24 percent on more than $375 million in equity. No investment in which the partners held equity interests has ever lost principal.

PHILOSOPHY
Prism invests with institutional and private capital sources that rely on the partners' ability to think "outside the box," and to identify and realize the highest value potential in all sized real estate endeavors. Prism provides a dynamic service for its clients, utilizing creativity, in-depth market knowledge and established relationships, along with tremendous vision to drive the success of its investments.

PROJECTS
Since its inception in 2002, Prism has orchestrated the repositioning of an impressive list of properties and projects.

Residential

  • Edison Village, West Orange, N.J. - Edison Village represents the largest non-waterfront adaptive-reuse redevelopment project in New Jersey. With a total cost of approximately $230 million, its master plan includes 620 residential housing units, new retail construction and a 630-space parking facility. The adaptive re-use of the historic Thomas Edison Invention Factory and Commerce Center, including a total renovation and reconstruction of the 95-year-old complex, highlights the project's first phase. The resulting Lofts at Edison Village will contain condominium units with 10-foot windows and ceiling heights ranging from 14 to 16 feet. Construction is scheduled to commence during the third quarter of 2009, and complete project build-out is anticipated by the fall of 2014.
  • The Parkway Lofts, Bloomfield, N.J. - Prism purchased The Parkway Lofts in April 2005 and has proceeded with rezoning this iconic, 365,000-square-foot, six-story warehouse for high-density residential development. Prism identified the opportunity to convert the building, which was built in 1897 by Westinghouse Electric Company, to loft apartments using the full 17-foot floor-to-floor ceiling heights and heavy floor loads to add a penthouse level and a new intermediate second floor. At build out, the 20-acre site will be transformed into a distinctive, residential village featuring approximately 600 single-level and loft apartments and condominiums. Construction will begin in 2009, and the entire project is expected to be delivered by 2013.

Commercial

  • BroadAcres Office Park, Bloomfield, N.J. - Prism purchased this four-building campus in 2006 and since has completed a major capital improvement project including the creation of an outdoor courtyard and patio area, and full lobby updates at 300 and 400 Broadacres Drive. Each building at BroadAcres offers approximately 94,000 square feet of office space and a distinct identity that sets this campus apart from other corporate facilities in the area. In addition to a park-like setting with serene reflecting pool and fountain, the property boasts a full-service café, conference center, and provides ample parking for both tenants and their guests. Prism has successfully increased occupancy at BroadAcres Office Park through aggressive leasing and its hallmark responsive service. The campus sits between exits 151 and 153 of the Garden State Parkway, near the interchanges of Routes 3 and 46.
  • 475 Prospect Avenue, West Orange, N.J. - Located in the epicenter of West Orange, near I-280 and immediately south of Essex Green Shopping Center, this three-building parcel formerly served as home to Organon USA, a prescription drug manufacturer. Prism purchased the asset in 2005 and has strategically repositioned it as a state-of-the-art medical office campus - leveraging its location equidistant to two major medical centers. After acquiring the property, Prism immediately arranged for a 50 percent reduction in real estate taxes and initiated redevelopment studies for the site. A lobby makeover was completed at 475 Prospect Ave. in 2008, and Essex Specialized Surgical Institute leased the building's entire second floor.
  • 1655 Valley Road, Wayne, N.J. - 1655 Valley Road is a four-story, 163,000-square-foot office building on an 11-acre campus. The property originally was constructed as a corporate headquarters facility and is designed with two wings each consisting of approximately 80,000 square feet, which are anchored in the center by a dramatic full-height glass atrium. The complex and building facilities are in excellent condition and require minimal capital investment to prepare the facility for occupancy. The site, which is located three miles north of Route 80, has excess land capacity and could support an expansion at the facility of approximately 24,000 square feet.
  • 82 Totowa Road, Totowa, N.J. - This 138,000-square-foot building sits on 12 acres and contains 87,600 square feet of single-story industrial space and 50,400 square feet of office space located on two floors. The property provides immediate access to I-80, and is proximate to a full interchange of Route 46. The property currently is tenanted by Toshiba America Consumer Products (TACP) and has served as the U.S. Headquarters Office and Regional Distribution for Toshiba America, Inc. since 1979.
  • 60/80 Commerce Way, Hackensack, N.J. - Prism's 2005 acquisition of 60/80 Commerce Way, formerly home to Quest Diagnostics, required resolution of a complex set of title issues involving NJ State Tideland Claims. As a result, the industrial property was not immediately eligible for customary market financing. Prism purchased the asset with all cash despite these complexities, recognizing the inherent value in its excellent location just north of Riverside Square Mall - adjacent to the upscale Route 4 retail corridor. The company redeveloped the interior and exterior of this two-building, 73,000-square-foot facility. The $1.5 million project included a new façade as well as infrastructure, mechanical and roof upgrades. Pinnacle Wireless subsequently leased the entire, 30,000-square-foot 80 Commerce Way for its headquarters. 60/80 Commerce Way has as-of-right zoning for 20 percent of the space to be used for retail sales, and it includes abundant parking.
  • One Harmon Plaza, Secaucus, N.J. - One Harmon Plaza is a 10-story, 187,113-square-foot office building located at a four-way interchange of Route 3, moments from both the eastern and western spur exits of the New Jersey Turnpike and just 3.7 miles from the Lincoln Tunnel. The property is part of a mixed-use complex that also includes lodging, retail and a parking garage. The property originally was developed by Hartz Mountain Industries and previously served as their headquarters. Prism is commencing a $4.5 million repositioning of the building that includes a new entrance canopy, façade changes, common area upgrades and garage enhancements.

LEADERSHIP
Eugene R. Diaz founded Prism as an entity that would enable him to expand his work in real estate investment and development. Previously, Diaz worked for Cushman & Wakefield and has held several leadership positions at Gale & Wentworth, including chief investment officer responsible for directing and overseeing all aspects of the company's investment activities. He established the company's Asset Management Department and grew the firm's owned investment portfolio from 500,000 square feet to more than 12 million square feet in eight states. Throughout his career, Diaz has been responsible for the acquisition and capitalization of more than 14.5 million square feet of commercial real estate. He earned a master's degree in Real Estate Investment & Development from New York University, where he has frequented as a guest lecturer and stand-in professor. Diaz received undergraduate degrees in Economics and Political Science from Northwestern University. Diaz was honored in 2001 by Commercial Property News as one of their "Stars to Watch."

Edwin H. Cohen joined Prism in 2003 as a principal partner after a 40-year career as one of the most prominent members of the real estate brokerage community. Previously, he served as executive director at Cushman & Wakefield, Inc. Cohen has completed hundreds of real estate transactions in his career in the Metropolitan New York/New Jersey/Connecticut area and has been responsible for leasing several million square feet of office space. Cohen also served as executive vice president and manager of Grubb & Ellis' New Jersey office from 1986 through 1994 and as president and manager of Grubb & Ellis' New York operations from 1993 to 1994. Mr. Cohen established and headed the Suburban Division for Wm. A. White & Sons in 1966 until its acquisition by Grubb & Ellis in 1986. Cohen has served as a member of the Board of Trustees of Brooklyn College, his alma mater, for more than a decade. He has been honored by Grubb & Ellis, Cushman & Wakefield and his peers throughout the industry on numerous occasions.

G. William Roesch is a Principal Partner and Chief Financial Officer with the firm. He joined Prism in March 2006 with primary responsibilities including the oversight of daily operations, asset management, financial reporting and tax compliance. Roesch brings with him more than 10 years of experience in accounting, asset management, finance and real estate. Previously, he worked for Greenfield Partners, a private equity opportunity fund and a Prism joint-venture partner. While there, he oversaw and implemented company business plans, including operating/project budget development, capitalization structure, property valuation and cash flow forecasting for various investments totaling more than $350 million. Roesch has overseen investments in various asset types, including office, retail, hospitality and golf, industrial, mixed-use, multi-family, and residential development. Roesch earned a bachelor's degree in Business Administration & Accounting from the University of Connecticut.

Robert L. Gibson joined Prism in 2006 as senior vice president of construction. He manages due diligence and property evaluation for properties that Prism evaluates for purchase, and he manages design and construction for the firm's development projects. Many years of successful construction and development experience have given Gibson the opportunity to work for prestigious clients throughout the United States and Asia. Prior to joining Prism, he worked for more than 17 years as senior vice president at the Gale Company where he managed operations for the construction company. Gibson earned a bachelor's degree in Civil Engineering at the University of Toledo. 

Jonathan F. Hoff joined the firm in 2007 as senior vice president of Management Services and is responsible for the oversight of daily operations for all properties owned and managed by the company. In this role, he is responsible for the implementation of capital improvements and/or repairs and maintenance programs for the office, retail, medical and industrial properties. Hoff possesses a strong engineering background that lends to effective problem solving and understanding of systems and construction. In addition, he has an ability to analyze operations and provide solutions that will help reduce costs and improve profitability. Prior to joining Prism, Hoff worked as an alliance director for Trammell Crow Corporation where he had overall responsibility for delivery of consistent facility management, office services and project management services across the entire national Siemens portfolio with oversight of office buildings, critical facilities, manufacturing sites, contracted services, call center activities, operating budgets, and cost savings initiatives. Previously, Hoff served as vice president of Facility Services for The Gale Company working on the AT&T account as well as many other national clients. Hoff earned his Bachelor's of Science degree in Structural Design and Construction Engineering from Pennsylvania State University. 

Website:  www.prismpartners.net