PARSIPPANY — Daiichi Sankyo relocated from Two Hilton Court in Parsippany to Basking Ridge in 2016. Despite vacating the premises in 2016, Daiichi Sankyo maintained the lease on the building until December 2022. Onyx Equities purchased the building in 2020, and the site is now set to be demolished to make way for a new warehouse.
Onyx Equities has been actively involved in various redevelopment projects in Parsippany, with several approvals from the local zoning board. Onyx acquired a significant portion of the former Mack-Cali complex, including nine buildings in Parsippany, as part of a 1.5 million square foot office portfolio.
Onyx Equities still owns several office buildings nearby, including The Arbors at Parsippany, located at One, Three, Five Sylvan Way, and Four and Six Campus Drive. Onyx’s renovation, which cost $15 million, introduced new amenities and programming that have fueled leasing interest. The enhancements include a fitness center, cafes, game rooms, outdoor activities, and walking trails.
The office buildings at Two and Three Campus Drive, formerly owned by Onyx Equities, were demolished, and AvalonBay Communities purchased the project. They are currently constructing high-density apartment buildings on the site. The new development includes approximately 430 multi-family apartments with an affordable housing component.
In addition, Seven Campus Drive is a 156,000-square-foot, three-story office building originally constructed in 1982. Mack-Cali Realty Corporation sold it to Birch Group in November 2020. The site is currently undergoing redevelopment as part of a PAR Development Urban Renewal project, which plans to convert the office space into industrial use. This redevelopment is part of the township’s broader efforts to repurpose vacant office buildings and introduce new uses to the area.
When Daiichi Sankyo occupied Two Hilton Court, the facility accommodated approximately 480 employees. The 186,000-square-foot building underwent renovations to support the company’s expanding workforce, with plans to eventually house around 600 employees at full capacity. These upgrades were part of Daiichi Sankyo’s broader strategy to enhance their U.S. headquarters and meet the growing needs of their operations. However, the company later relocated to Basking Ridge to consolidate its New Jersey facilities and improve efficiency. This move aimed to foster greater collaboration among their commercial and development divisions, enabling innovation in therapeutic areas such as cardiology, oncology, and pain management.
According to New Jersey property tax records, Two Hilton Court paid $693,610 in annual taxes 2016. By 2023, this amount had been reduced to $479,159.87. This significant decrease in property taxes reflects the building’s valuation and usage changes over the years. The adjustments in tax payments may be attributed to various factors, including property depreciation, changes in occupancy, or reassessment of the property value following Daiichi Sankyo’s departure and the subsequent redevelopment plans for the site.
