Prism Taps Newmark Associates as Exclusive Agents for 475 Prospect

April 6, 2011 - PRLog -- WEST ORANGE, N.J. – Prism Capital Partners has named Newmark
Associates as exclusive agents for 475 Prospect Avenue, a 38,000-square-foot, three-story class A asset that formerly served as part of prescription drug maker Organon USA's headquarters campus. For the Whippany, N.J.-based Newmark Associates, Judith Tell Feldman and Nancy Glick are heading the assignment.

"We acquired the property with the intention of repositioning it as a state-of-the-art medical office building," said Eugene Diaz, principal of Prism Capital Partners. "Newmark Associates has a Healthcare Division, which exclusively focuses on the real estate requirements of doctors, surgical centers, laboratories and related professions. Newmark’s familiarity with the key players in the healthcare arena makes them a perfect fit for this assignment."

Approximately 60 percent leased, 475 Prospect Avenue is currently home to the Essex Specialized Surgical Institute, Omni Eyecare, and Reproductive Medical Associates of New Jersey. Since being acquired by Prism, the asset has been completely renovated and retrofitted, including a new lobby, for multi-tenant medical use. The building's features include a fully licensed surgical center, high ceilings, high parking ratios, and a hospital-sized elevator.

Constructed in 1984, 475 Prospect Avenue is situated on five acres immediately south of the Essex Green Shopping Center at a four-way interchange of I-280. Current availabilities are divisible to 1,500 square feet.

"This well-located asset offers high visibility," Diaz said. "It is also equidistant to two major medical centers, further adding to its attractiveness for medical office users."

Headquartered in Englewood, N.J., Prism 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 unique, value-added opportunities in the office, retail, industrial and residential markets. Since its inception in 2002, the firm has orchestrated the repositioning of an impressive list of properties and projects.