NAIOP N.J. to Honor Prism Capital Partners with Impact Award
BLOOMFIELD, N.J., Mar. 8, 2013 - Edwin H. Cohen, a principal with Prism Capital Partners, LLC in Bloomfield, will accept the NAIOP New Jersey Impact Award on behalf of the firm at the commercial real estate trade organization's annual Gala in May. The honor recognizes distinguished industry trendsetters.
The 11-year-old, privately owned Prism considers itself an "old-fashioned" real estate firm, adapted to the new world. The company is focused solely in its local market, 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 asset classes as broad as multi-family rental, "for-sale" residential, and office and industrial properties, the firm has been able to find opportunities to succeed through all market cycles. This experience, vision and unwavering commitment to service has led to an impressive track record of creating value through select real estate investments and developments. To date, Prism, with its capital partners, has invested more than $400 million in 15 projects.
"Prism epitomizes the type of forward-thinking company that has made New Jersey's commercial real estate industry one of the nation's best," said Michael McGuinness, NAIOP NJ's CEO. "Through the economic downturn and now, with the market's newfound positive trajectory, this company has continued to identify opportunities, raise capital, refinance properties, and buy and develop some of New Jersey's most exciting real estate ventures."
For example, in Bloomfield, Prism recognized the intrinsic value of an obsolete, century-old General Electric industrial building fronting on the Garden State Parkway - now being re-born as The Parkway Lofts. The $100 million, multi-family adaptive reuse project's Phase I includes 365 loft-style apartments that will welcome renters beginning this fall. The firm plans to commence construction of Phase II later this year, consisting of 170 for-sale townhouses with a clubhouse and pool.
Similarly, the firm is gearing up to launch construction for Phase I of Edison Village on Main Street in downtown West Orange. That $230 million project - located across from Llewellyn Park, the country's first planned residential community - centers on the industrial-to-residential transformation of the historic Thomas Edison Invention Factory and Commerce Center.
Prism's diversified growth reflects its ability to embrace opportunities. Its involvement with 399 Jefferson Road in Parsippany - Prism's very first investment in 2003 - provides a case in point. The firm sold the 178,000-square-foot office building to a user in 2006, but the company never took occupancy. When the building 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.
Progress at Prism's BroadAcres Office Park in Bloomfield illustrates the firm's commitment to maximizing efficiencies and providing impeccable service. After acquiring the 380,000-square-foot, Class A BroadAcres Office Park in Bloomfield in 2006, Prism reduced operating expenses significantly while increasing quality by cutting excess spending. 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.
Highlighting the firm's commitment and belief in the New Jersey Office Market, Prism executed its largest office acquisition to date, purchasing the eight-building 800,000- square-foot Princeton Pike Corporate Center, from Brandywine Realty. This acquisition provides a foothold in one of New Jersey's most dynamic office markets along with opportunities for future development through the availability of 350,000 square feet of approved development sites within the Campus.
Cohen and partner, Eugene Diaz, have expanded Prism Capital Partners judiciously and with a great deal of discretion. They credit the team they have assembled for the firm's success. "We are deeply honored by the NAIOP Impact Award, which really recognizes the work of the passionate, highly skilled professionals who share our vision, and understand that each transaction and property situation brings its own challenges and sophisticated requirements," Cohen said. "Their ability to work collectively to piece together the best solutions for highly complex projects has enabled Prism to gain a foothold and stay relevant as a small regional player in a competitive industry."
Gala tickets are on sale now, with details available at www.naiopnj.org/26Gala.