PARSIPPANY — In one of the largest office transactions since the beginning of COVID-19, Onyx Equities, along with partners Taconic Capital Advisors, L.P., Axonic Capital LLC, and Machine Investment Group, acquired a ten building, 1.5 million square foot office portfolio in Morris County from Mack-Cali.
The Morris County Office Portfolio follows Onyx Equities’ 2018 acquisition of Mack Cali’s Bergen County office portfolio.
The Morris County office portfolio consists of nine buildings in Parsippany and one building in Madison and complements Onyx’s already diverse base of office holdings throughout the state of New Jersey.
Like the rest of Onyx’s acquisitions, the assets will be upgraded through its classic capital improvement strategy that has been attracting tenants looking for high-quality buildings that are easily accessible to major highways and in close proximity to urban downtowns. The acquisition venture believes this portfolio will be well-positioned to capitalize on tenants already in the suburbs looking for high-quality space as well as potential tenant relocations from New York City due to COVID-19.
“Historically, Onyx has completed some of our most complicated transactions in difficult economic climates and closing during COVID-19 certainly provided some unique challenges,” said John Saraceno, Jr. Managing Principal for Onyx Equities. “Special thanks to the effort of the Onyx and Mack-Cali teams for never giving up and finding a path to get this transaction closed.”
“Onyx is excited to close its second large portfolio with Mack-Cali and we look forward to implementing our typical value add capital improvement business plan in order to upgrade assets that we already feel are some of the best in Morris County,” said Stephen Sullivan, Chief Investment Officer of Onyx Equities, LLC. “Our goal is to continue to attract tenants already in the suburbs and also potential relocations out of New York City who desire both a superior product and the best locations.”
Onyx Equities’ suburban office portfolio includes a diverse base of office buildings in New Jersey, Westchester County, and Long Island. Onyx is one of the largest office landlords in New Jersey and the largest landlord in Bergen County.
Jones Lang Lasalle facilitated the transaction.
Founded in 2004, Onyx Equities, LLC is a leading, full-service real estate firm, located in Woodbridge, specializing in investment, asset repositioning, and ground-up development.
