MORRIS COUNTY, NJ – JLL capital markets has arranged $147.72 million in financing, on behalf of the joint-venture partnership between Onyx Equities, Taconic Capital Partners, Axonic Capital and Machine Investment Group, for a 1.5-million-square-foot office portfolio in Morris County, NJ.
JLL worked on behalf of the joint-venture partnership to secure the three-year, floating-rate loan, provided by funds managed by Ares Management Corp.'s real estate group. JLL capital markets' Steven Klein, Christopher Peck, Michael Klein, Jose Cruz and Alex Staikos represented the borrower in securing the financing.
The loan proceeds were used to acquire the 10-property office portfolio from Mack-Cali. The sale transaction was represented by JLL's capital markets team.
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The 10-property office portfolio comprises one asset located at 1 Giralda Farms in Madison, NJ, and nine assets in Parsippany, NJ, located at 1, 3, 5, and 7 Sylvan Way, 4, 6 and 8 Campus Dr., 2 Hilton Court and 11 Dryden Way.
The portfolio is currently 84% leased to a diverse mix of tenants, including national credit and local tenants.
Each asset is situated within the Northern NJ office market, which represents the 17th largest office market in the US, with more than 152 million square feet of office space.
"This is a best in class sponsorship team that is unrivaled in its ability to maximize value in suburban office assets," says Klein. "Under this ownership, the portfolio is extremely well positioned to benefit from tenants seeking high-quality office space in a strong location."
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Ingrid Tunberg
Ingrid Tunberg sits on the editorial team as a coordinator and reporter for Real Estate Forum and GlobeSt.com. She is responsible for writing stories, assisting with industry awards and marketing nomination events. Previously, Ingrid worked as a copywriter across various industries throughout New York City and Chicago.
