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.