The new Seton Hall-Hackensack Meridian School of Medicine officially signed its 25-year lease Wednesday.
The school will be located on a 116-acre, former pharmaceutical site between Nutley and Clifton.
PB Nutclif I, an affiliate of Prism Capital Partners, completed the purchase of the building from Hoffmann-La Roche on Wednesday, at the same time it signed the lease with the school partners.
The lease is set to begin early October, according to a statement from Seton Hall and Hackensack Meridian Health.
The site includes 16 acres and two buildings that Prism will develop into the new school, which will also host Seton Hall's College of Nursing and School of Health and Medical Sciences, as well as the future site of a National Health Institute-designated clinical research center.
The co-location of the two existing programs in the new school is designed to mirror how health care will be delivered in the future, according to a statement from Hackensack Meridian and Seton Hall. Bonita Stanton was named the founding dean earlier this year and the first school year is slated for fall 2018.
"Seton Hall is proud to partner with Hackensack Meridian Health in the signing of this lease agreement to create a state-of-the-art health and medical sciences campus that will serve as the home for our new School of Medicine," said Seton Hall President A. Gabriel Esteban. "The new campus will allow us to become the pre-eminent center for Catholic-based health sciences education in the Northeast."
The partnership makes the new school the first private school of medicine in the state.
"The longevity of the lease indicates our confidence that this school of medicine will thrive and become one of the nation's best. We look forward to providing a world-class medical school on a world-class campus."
By 2020, it is estimated there will be a shortage of more than 3,000 physicians in the state, according to the statement from the school partners.
The sale is expected to close Sept. 30, and is contingent upon financial and development approvals, according to a statement from Prism.
"Following more than 22 months of comprehensive diligence and complex negotiations, we are delighted to have reached this important transactional milestone," said Prism Principal Partner Eugene Diaz. "With the cooperation of Roche, we have secured an outstanding long-term anchor tenant and new business magnet for this campus."
This site is also expected to spur economic growth in the area, and Prism is looking forward to working closely with the two towns to create a new "urbanist" attraction.
"We are confident that our repositioning will attract numerous corporate and research users and, once again, create a unique business location of uncompromised quality and distinction," Diaz said.