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The lease agreement is with real estate development firm Prism Capital Partners.
The campus will include the new School of Medicine being started by Hackensack Meridian Health and Seton Hall, as well as Seton Hall’s College of Nursing and School of Health and Medical Sciences, which will be moving from their present location on the university’s main campus in South Orange.
In addition, the new campus will serve as a major site for health science research and discovery activities.
The 25-year lease of the campus will begin in October.
“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," said Robert C. Garrett, co-CEO of Hackensack Meridian Health.
A purchase and sale agreement will enable the transfer of the former Roche North American Pharmaceuticals headquarters’ 116-acre campus by Sept. 30.
Transfer of the Roche site and the lease are contingent upon completion of the necessary financial and development approvals by the local municipalities, the announcement said.
The co-location of the College of Nursing and School of Health and Medical Sciences with the new School of Medicine is designed to mirror how health care will be delivered in the future.
This team-based approach will train students from medicine, nursing, occupational and physical therapy, and other related fields together to improve patient care.
Hackensack Meridian Health’s hospitals will serve as the primary clinical teaching sites for Seton Hall and its affiliated graduate education programs.
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