PARAMUS, NJ—A joint venture of Onyx Equities and Garrison Investment Group have acquired the leasehold interest in 61 South Paramus Road, a 285,000 square-foot office building located in Paramus, NJ, from Mack-Cali Realty Corporation. Financial details were not disclosed.
The Onyx/Garrison Bergen County office portfolio now includes 1.4 million square feet across six assets located throughout Paramus and Rochelle Park, NJ, along the highly-desirable Garden State Parkway Corridor:
- 61 South Paramus Road, a five-story, 285,000-square-foot office building located in Paramus at Exit 161 of the Garden State Parkway.
- 461 From Road, a five-story, 260,962-square-foot office building located in Paramus at the intersection of Route 17 and Midland Avenue.
- 15 East Midland Avenue, a five-story, 260,832-square-foot office building located in Paramus just off Exit 165 of the Garden State Parkway.
- 365 West Passaic Street, a five-story, 218,492-square-foot office building located in Rochelle Park and situated at Exit 160 of the Garden State Parkway.
- 395 West Passaic Street, a four-story, 107,969-square-foot office building located in Rochelle Park and situated at Exit 160 of the Garden State Parkway.
- 115-117 West Century Road, a two-building office campus totaling 302,945 square feet, located in Paramus just off Route 17 and the Garden State Parkway. The partnership's common area renovations are nearing completion here.
Onyx/Garrison's Bergen County portfolio affords current and prospective tenants the option to grow, relocate, and modify their space within the same geographic market through one point of contact.
“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.” Says Stephen Sullivan, chief investment officer at Onyx Equities. “We are pleased to have finalized this acquisition and look forward to implementing Onyx's signature, value-add strategy in partnership with Garrison Investment Group.”
It's the fifth venture between Garrison and Onyx.
“We look forward to delivering a modern workplace environment at 61 South Paramus Road that the tenants of Bergen County deserve, complete with high-end renovations, upgraded amenities, and a new Class A management team,” says Kristi Mazejy, vice president at Garrison Investment Group.
All the properties are located just off of several of the largest thoroughfares in the state, including Route 17, Route 4, Interstate 80 and the Garden State Parkway. 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 and Milbank, Tweed, Hadley & McCloy represented the buyer.
The investment sales team from Holliday Fenoglio Fowler led by senior managing director José Cruz, managing director Kevin O'Hearn, senior directors Michael Oliver and Stephen Simonelli and director Marc Duval, represented the seller, Mack-Cali Realty Corporation.
“The transaction further exemplifies the requirements by the investment community for core plus office buildings in the northern New Jersey markets,” says HFF's Cruz.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Steve Lubetkin
Steve Lubetkin is the New Jersey and Philadelphia editor for GlobeSt.com. He is currently filling in covering Chicago and Midwest markets until a new permanent editor is named. He previously filled in covering Atlanta. Steve’s journalism background includes print and broadcast reporting for NJ news organizations. His audio and video work for GlobeSt.com has been honored by the Garden State Journalists Association, and he has also been recognized for video by the New Jersey Chapter of the Society of Professional Journalists. He has produced audio podcasts on CRE topics for the NAR Commercial Division and the CCIM Institute. Steve has also served (from August 2017 to March 2018) as national broadcast news correspondent for CEOReport.com, a news website focused on practical advice for senior executives in small- and medium-sized companies. Steve also reports on-camera and covers conferences for NJSpotlight.com, a public policy news coverage website focused on New Jersey government and industry; and for clients of StateBroadcastNews.com, a division of The Lubetkin Media Companies LLC. Steve has been the computer columnist for the Jewish Community Voice of Southern New Jersey, since 1996. Steve is co-author, with Toronto-based podcasting pioneer Donna Papacosta, of the book, The Business of Podcasting: How to Take Your Podcasting Passion from the Personal to the Professional. You can email Steve at [email protected].
