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471-475 Prospect Avenue - SOLD
West Orange, NJ
Located in the epicenter of West Orange, near I-280 and immediately south of Essex Green Shopping Center, this three-building development formerly served as home to Organon USA, a prescription drug manufacturer. Prism purchased the asset in 2005, arranged for a 50 percent reduction in real estate taxes and strategically repositioned the building through a multi-million dollar renovation, as a state-of-the-art medical office campus - leveraging its location equidistant to two major medical centers. Prism completed a lobby makeover at 475 Prospect Ave. in 2008, and Essex Specialized Surgical Institute subsequently leased the building's entire second floor.
In 2011, Prism subdivided the five-acre property into two parcels. The firm sold the medical office component to a physician whose practice now occupies a portion of the space. The new owner retained Prism to continue as the property's managing agent. The second parcel, a vacant lot with development approvals in place, is under a definitive agreement for sale to a private developer. |
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