Onyx Equities JV Expands NJ Office Portfolio
- Dec 15, 2017
Onyx Equities, in a joint venture with Garrison Investment Group, has acquired the leasehold interest from Mack-Cali Realty Corp. for an office building located in Paramus, N.J.
This deal marks the fifth venture between Garrison and Onyx, expanding its Bergen County portfolio to a total of 1.4 million square feet across six properties in Paramus and Rochelle Park.
Located at 61 S. Paramus Road, the 285,000-square-foot asset features five levels. This acquisition joins the five-story, 260,962-square-foot 461 From Road in Paramus; the five-story, 260,832-square-foot 15 E. Midland Ave. in Paramus; the five-story, 218,492-square-foot 365 W. Passaic St. in Rochelle Park; the four-story, 107,969-square-foot 395 W. Passaic St. in Rochelle Park and a two-building office campus located at 115-117 W. Century Road in Paramus.
“61 South Paramus has the potential to be one of Bergen County’s best intuitional office buildings. It currently houses significant corporate operations and is situated in one of the most highly sought-after office locations,” said Stephen Sullivan, chief investment officer at Onyx Equities, in prepared remarks.
All of the properties are located off several of the largest thoroughfares in the state, including Route 17, Route 4, Interstate 80 and Garden State Parkway. In addition, the properties are situated near the largest shopping, dining and recreational centers in the area, including The Paramus Park Mall and The Garden State Plaza.
Cole Schotz P.C. and Milbank, Tweed, Hadley & McCloy LLP represented the buyer. The HFF investment sales team of Senior Managing Director Jose Cruz, Managing Director Kevin O’Hearn, Senior Directors Michael Oliver and Stephen Simonelli and Director Marc Duval represented the seller.
Image courtesy of Onyx Equities and Garrison Investment Group