Onyx Kicks Off $10M Office Revamp in New Jersey
- Nov 16, 2020
Onyx Equities and Garrison Investment Group have commenced their $10 million renovation for the repositioning of 650 From Road, a Class A office building in Paramus, N.J., with a planned completion of summer 2021. Movado and RBC are current tenants of the 363,000-square-foot trophy building.
Completed in 2000, Onyx purchased the five-story asset in 2019 from Mack-Cali Realty, as part of a $42 million portfolio transaction, according to Yardi Matrix.
The renovation will add new interior and exterior facilities such as a full-service cafeteria and conference room, outdoor workstations and exercise equipment. The main lobby will also be remodeled with the addition of a spiraling “living wall.”
Located in Bergen County, just off Garden State Parkway and next to Hampton Inn Paramus, the property sits between two large retail centers. Teterboro Airport is roughly 7 miles away, while Manhattan is within a 20-mile radius.
Mark Zaziski, David DeMatteis and Ben Brenner of Cushman & Wakefield are the exclusive agents of the office building, which can hold tenants between 2,000 and 200,000 square feet.
Earlier this year, Onyx was part of a joint venture that acquired a 10-building office portfolio in New Jersey, totaling 1.5 million square feet. The properties, located in Parsippany and Madison, traded for $158 million.