Onyx Repositions New Jersey Offices With Multimillion-Dollar Revamp
- Mar 10, 2021
Onyx Equities has announced the start of yet another multimillion-dollar renovation project encompassing a pair of adjacent office buildings in Parsippany, N.J. Cushman & Wakefield will act as exclusive leasing agent for the properties that span a combined 300,000 square feet.
Located at 4 and 6 Campus Drive, the three-story structures comprise 147,475 and 148,291 square feet. Onyx purchased both properties from Mack-Cali Realty in 2020 in a $158.8 million portfolio transaction, in a joint venture with another three investors. The 10-asset ensemble included more than 1.2 million square feet of office space at the Arbors at Parsippany campus, as well as a roughly 150,000-square-foot office building in Madison, N.J. The 4 Campus Drive property commanded $11.3 million, while 6 Campus Drive traded for $9.6 million.
On-site amenities include a new fitness centers, a golf simulator, a game room, conference centers, training rooms and cafeteria. Slated upgrades will include the renovation of the exteriors and lobbies, as well as the addition of new common areas, such as a conference center and a cafeteria. Outdoor spaces will also be reimagined for optimal tenant use.
Built in the 1980s on two neighboring 10-acre sites close to Lake Parsippany, the buildings are situated just off Route 202, near the junction of interstates 80 and 287, roughly 30 miles west of Manhattan.
New Jersey Office Market
According to a recent CommercialEdge report, as of January 2021, New Jersey had 553,810 square feet of office space under construction, accounting for 0.3 percent of total stock, significantly lower than the 2.5 percent U.S. average and the lowest among major U.S. markets.
New Jersey listing rates averaged $32.65 percent, a 4.5 percent increase year-over-year. Thor Equities’ office-to-life-science revamp at Liberty Innovation Center in Jersey City held the highest listing price recorded by the same report, at $70.29 per square foot.
The Cushman & Wakefield team overseeing leasing efforts at 4 and 6 Campus Drive includes David DeMatteis, Mark Zaziski, Ben Brenner, Kelsey Nakamura and Raymond Trevisan. The first three are also in charge of marketing another of Onyx’s newly upgraded New Jersey office properties. The owner commenced the $10 million renovation of the 363,000-square-foot 650 From Road in Paramus, N.J., last November.