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Prism Capital Partners, LLC

| February 13, 2017 | 0 Comments

Headquartered in Bloomfield, 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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Fact Sheet

FACTS 2017: Prism Capital Partners, LLC
200 Broadacres Drive, Bloomfield, N.J. 07003
www.prismpartners.net

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

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 New Jersey/New York/Connecticut market, 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 identify and realize the highest value potential in all sized real estate endeavors. To date, the 11-year-old company, with its capital partners, has invested more than $400 million in 15 projects. This past spring, NAIOP New Jersey recognized Prism’s contributions by honoring the firm with its prestigious Impact Award.

History and Philosophy
Eugene R. Diaz and Edwin H. Cohen, Prism’s principal partners, together have a long and celebrated history of involvement in some of the largest transactions and most successful projects in the New York suburban marketplace. They have grown Prism as an “old-fashioned” real estate firm, adapted to the new world. The company is both an active investor – buying income producing assets and undervalued properties – and multi-faceted developer – implementing development and redevelopment opportunities utilizing its full in-house capabilities. By seeking opportunities in a broad range of asset classes, the firm has been able to find opportunities to succeed through all market cycles.

Project Highlights
Since its inception in 2002, Prism has orchestrated the repositioning of an impressive list of properties and projects. Highlights include:

Commercial
• 399 Jefferson Road, Parsippany – This 178,000-square-foot office building was Prism’s very first investment in 2003. The firm sold the property to a user in 2006, but the company never took occupancy. When 399 Jefferson again came online in 2010, Prism re-acquired it. In 2011, Pinnacle Foods leased and subsequently expanded to occupy 104,000 square feet there for its headquarters. In November 2012, EBI, LLC, a subsidiary of Biomet Spine & Bone Healing Technologies, signed a 102,000-square-foot lease, bringing the existing building to full occupancy and launching a 28,000-square-foot expansion. That transaction was recognized by NAIOP New Jersey as 2012 Creative Deal of the Year.

• BroadAcres Office Park, Bloomfield – This 380,000-square-foot, Class A office property illustrates Prism’s commitment to maximizing efficiencies and providing impeccable service. After acquiring the four-building campus in 2006, Prism launched a major capital improvement program and significantly reduced excess operating expenses. The result? 150,000 square feet of leases have closed over the past 24 months, and the firm has achieved a tenant retention rate exceeding 90 percent. Each building at BroadAcres offers approximately 94,000 square feet of space and a distinct identity that sets this campus apart from other area corporate facilities. Beautifully manicured grounds highlight the 20-acre, park-like setting. Tenants also enjoy available conference space and upscale, and specialty sit-down food service.

Residential
• The Parkway Lofts, Bloomfield – The General Electric Company in 1915 built the landmark, six-story warehouse that Prism is redeveloping into 365 loft-style apartments catering to the demand for transit located, fully amenitized, unique living environments. The design incorporates LEED standards and utilizes the property’s 17-foot floor-to-floor ceiling heights, to create true “loft” living and spacious, open, light-filled interiors. Industrial design elements complement new, 13-foot historical replica windows and other original architectural features including exposed concrete columns and cylindrical duct work. The building is complete with in-unit washer/dryer plus a cadre of conveniences and amenities including: on-floor storage lockers, on-floor supplemental common laundry facilities, a two-story 3,500-square-foot fitness center, a rooftop deck with gas fire pit with views of Manhattan, a billiards and community event room, and a 20-seat large-screen theater room. The newly constructed penthouse units provide unique space with outdoor decks. Prism has constructed a three-level parking facility during Phase I of the project, which welcomed its first renters in Fall 2013. Upon completion, the property will be transformed into a distinctive, high-density residential village also featuring approximately 170 for-sale townhomes, a clubhouse and other lifestyle amenities, to be built as part of Phase II.
• Edison Village, West Orange – With final Phase I site plan approval in place, Prism is gearing up for an early 2014 construction launch for the $230 million industrial-to-residential transformation of the historic Thomas Edison Invention Factory and Commerce Center. Residents of the building’s 331 studio, one-, two- and three-bedroom rental apartments will have access to a private fitness center, swimming pool, personal and bike storage, meeting rooms and doorman service, among other amenities. The entire project has been created to meet LEED green building certification standards, incorporating existing architectural highlights and featuring an urban landscape with parks and open green spaces. Edison Village’s first phase also includes an 18,000-square-foot retail component and a 630-car parking facility. Phase II will add more than 300 residences.

Recent Acquisitions
• Princeton Pike Corporate Center, Lawrenceville
– Prism joined forces with Angelo Gordon in 2013 to acquire this eight-building, 800,000-square-foot office park in Central New Jersey’s Mercer County. Constructed on 100 acres between 1984 and the early 1990s, Princeton Pike is approximately 90 percent leased, with key tenants including Wells Fargo, Sirius XM Stark & Stark, the Princeton Healthcare System, Fox Rothschild, Citigroup, MetLife, Philadelphia Insurance Co., Ken Clark International and Ono Pharma USA, among others. The buildings feature central atriums, cafés and fitness centers, and on-site management.
• 339 Jefferson Road, Parsippany – Prism joined forces with The Davis Companies to acquire this 103,400-square-foot, Class A office building in early 2013. Jefferson Road has been and continues to be a thriving corporate neighborhood. Within this context, 339 Jefferson Road offers substantial upside potential. The three-story property, formerly known as Kingsbridge Corporate Center IV, sits on five acres and was built in 1988 to corporate-headquarters standards. Its granite finishes and three-story atrium create a beautiful presence. It represents one of the only buildings in the area with underground parking in addition to surface parking.

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, Inc. 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.

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 during 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 served as executive vice president and manager of Grubb & Ellis’ New Jersey office and as president and manager of Grubb & Ellis’ New York operations. Cohen also established and headed the Suburban Division for Wm. A. White & Sons.

Robert L. Gibson joined Prism in 2006 as senior vice president of Construction Management. 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.

Jonathan F. Hoff, RPA, CPM, joined Prism 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, he worked as an alliance director for Trammell Crow Corporation. He also previously served as vice president of Facility Services for The Gale Company.

Edison Village Fact Sheet

FACTS 2016: Edison Village

West Orange, N.J.

www.prismpartners.net

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

PROJECT OVERVIEW

Edison Village, which centers on the industrial-to-residential transformation of the historic Thomas Edison Invention Factory and Commerce Center, represents the largest non-waterfront adaptive-reuse redevelopment project in New Jersey. Phase I of its master plan includes 333 rental units, 18,500 square feet of retail (offering restaurants and café-type concepts) and a 630-space parking facility. An interior plaza will be open to the public during daytime hours. Phase II will incorporate approximately 230 townhouses and an additional 20,000 square feet of retail, which could include an urban grocery concept. The project carries a total cost at build-out of approximately $230 million.

The Township of West Orange named Prism Capital Partners as designated redeveloper for Edison Village in December 2006, and the firm completed a significant amount of demolition and site work in 2008. Prism received final site plan approval for Phase I in late 2012, and following a lengthy legal challenge to the project’s approvals, secured construction financing in February 2016 and launched construction one month later.

LOCATION AND HISTORY

Edison Village encompasses 21 acres in the heart of West Orange Township’s Downtown Redevelopment Area. Located in the southeastern corner of West Orange, this area is bounded to the west by the historic Llewellyn Park, one of New Jersey’s premier gated communities. The newly refurbished Edison National Historic Site and museum is located adjacent to the property.

Built in 1913 by Thomas Edison, the factory complex on the site of Edison Village for decades served as a manufacturing operation where Edison employees produced storage batteries used in light delivery vehicles, automobiles, railroad signals, industrial applications and mining equipment. Those operations ceased in 1965.

PHASE I DEVELOPMENT

The first phase of Edison Village involves the total renovation and reconstruction of the 100-year-old factory complex. Since industrial structures of this type are few and far between in suburban New Jersey, Edison Village represents a distinctive project.

The design, by Minno & Wasko Architects and Planners, takes advantage of existing architectural features to incorporate ceiling heights ranging from 14 to 16 feet and 798, 10-foot replica replacement windows that will let in abundant natural light. The studio, one,  two- and three bedroom, market-rate residences will range from 590 to 1,500 square feet, with 20 penthouse duplex residences. Residents will have access to a private fitness center, indoor swimming pool, rooftop deck, personal and bike storage, meeting rooms, and doorman service, among other amenities. The entire project has been created to meet LEED green building standards and will feature an urban landscape including parks and open green spaces.

Edison Village’s retail component will be constructed on the corner of Charles Street and along Main Street, providing current and future residents with a new in-town shopping experience at The Shoppes at Edison Village. The parking garage construction also will be part of Edison Village’s first phase.

  • Anticipated opening for the residences: Mid-2018
  • Anticipated opening for the retail component: Mid-2017

TAX ADVANTAGES AND NEIGHBORHOOD BENEFITS

This sophisticated redevelopment includes a PILOT program tied to the financial agreement for Phase I, bringing substantial benefits to the Township of West Orange. Edison Village also is contributing significantly to the regeneration of its neighborhood. Its attractive new residences will bolster neighboring property values, and the new population in this revitalized area is expected to generate some $10 million of additional annual retail spending in West Orange. Neighborhood infrastructure improvements will include new sidewalks and lamp posts, and during Phase II adjacent roadways will be extended and integrated into the Project to improve traffic flow for the surrounding community.

DEVELOPMENT TEAM

Headquartered in Bloomfield, N.J., Prism Capital Partners is an experienced real estate owner/operator 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 distinct, value-added opportunities in the office, retail, industrial and residential markets. The company invests with institutional and private capital sources that rely on Prism’s ability to identify and realize the highest value potential in all sized real estate endeavors. Since its inception in 2002, Prism has orchestrated the repositioning of an impressive list of properties and projects, building on the combined 65 years of real estate experience and knowledge of its principal partners, Eugene R. Diaz and Edwin H. Cohen.

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Website: www.prismpartners.net

Category: Prism Capital Partners

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