Fox Rothschild Plays Major Role in NAIOP 2017 Mixed-Use Deal of the YearJune 2, 2017 – Press Releases
Fox Rothschild attorneys have been recognized for their instrumental role in a New Jersey commercial real estate project that was chosen as a 2017 “Deal of the Year” by the State Chapter of NAIOP, the Commercial Real Estate Development Association.
The Fox Real Estate team, led by Morristown, NJ-based Partner Robert Klausner, represented developer Prism Capital Partners in its $102 million purchase of the landmark Hoffmann-La Roche Inc. North American Headquarters and Research and Development Campus. The team shepherded complex negotiations to repurpose a 116-acre site that straddles the border between Clifton and Nutley townships. Fox attorneys also helped secure a long-term anchor tenant by closing a deal with a joint venture between Hackensack Meridian Health and Seton Hall University to lease two major buildings for a new medical school, the first new, private medical school in New Jersey in 60 years.
NAIOP named the acquisition and redevelopment—which will create a pre-eminent commercial and residential hub—its 2017 Mixed Use Deal of the Year.
When Hoffmann-La Roche announced in 2012 that it was vacating its headquarters, it raised serious concerns in a region of the state that was already struggling to fill a glut of office space. With the help of Fox attorneys, Prism’s plan for the site has provided both communities with the real prospect of commercial rebirth.
This is the second consecutive year Fox attorneys have played an integral role in one of the New Jersey Chapter of NAIOP’s Deals of the Year. A Fox Rothschild team was honored last year for its part in the 2015 Office Deal of the Year: the relocation of Subaru of America’s national headquarters to Camden, NJ.