"Over the past two years, our Administration has turned the page on a system where political connections and closed-door deals took precedence over the need to grow our economy and provide a sound return on investment for our taxpayers," said Gov. Murphy.

The firm will occupy more than 160,000 square feet of space at the new 24-story mixed-use tower to be developed by Buccini/Pollin Group at the corner of Washington Place and Bedford Avenue in the historic Lower Hill District.

Concurrent with the closing of the sale, Cresco has agreed to enter into a long-term, triple-net lease agreement with GreenAcreage and will continue to operate the property as a licensed medical and recreational cannabis cultivation and processing facility.

The agreement puts the two health care institutions on a path toward reaching a Definitive Agreement, which they expect to reach within the coming months. The LOI follows a Request for Proposal released by Saint Peter's in October 2018 that it was considering a strategic partner.

New York City-based Square Mile Capital Management provided the $200 million in financing to joint venture partners Somerset Development Group and Adarsan Holdings for the redeveloped former Bell Labs scientific research center.

Overall, the projects approved by the BPDA will create 1,633 construction jobs, 1,167 direct jobs and 871 indirect and induced jobs.

The acquisition was finalized on Dec. 13 with an effective date of Sunday, Dec. 15. Tower and Drexel University reached an agreement in late September to acquire St. Christopher's Hospital for Children for $50 million in a bankruptcy sale.

The EY team also includes Bauer Latoza Studio (a Minority Business Enterprise), Goodman Williams Group (a Women Business Enterprise), and Mayer Brown, LLP.