PARAMUS AND ROCHELLE PARK, NJ—With the completion of its acquisition of four more buildings in Bergen County totaling 850,000 square feet, the joint venture of Onyx Equities and Garrison Investments are planning significant planned capital improvements they hope will create a critical mass of modernized office space in a range of unit sizes and price points. Cushman & Wakefield has been named exclusive leasing agent for the portfolio.
“With this portfolio acquisition, Onyx and Garrison have become the largest—and arguably most diversified—office landlords in Bergen County,” says Cushman & Wakefield’s Marc Trevisan, executive managing director, who is heading the assignment with David DeMatteis, Mark Zaziski and William O’Keefe. The assets are located at 365 and 395 West Passaic Street in Rochelle Park, and 15 East Midland Ave. and 461 From Road in Paramus. The Cushman & Wakefield team also represents Onyx and Garrison as leasing agents for Country Club Plaza on Century Road in Paramus, for a total local representation of 1.1 million square feet.
According to DeMatteis, the Onyx/Garrison partnership will implement a program of upgrades that will leverage its new properties’ superior locations in the heart of New Jersey’s most densely populated county.
“Bergen County houses a deep labor pool and a concentration of high net-worth residents, but much of its office product is dated,” he says. “At the same time, demand is rising as millennial workers – who today comprise 60 percent of the professional population – begin to expand their families and move back to the suburbs. Onyx and Garrison will bring these buildings to a level of fit and finish that will appeal to these lifestyle-focused employees while at the same time offering a range of choices for employers.”
The 218,492-square-foot 365 West Passaic Street building represents the “sensible” option, with on-site food services and moderately priced units ranging from 2,000 to 20,000 square feet. The neighboring, 105,079-square-foot 395 West Passaic Street is being marketed as a boutique property with a café, covered parking and pricing at a slightly higher tier; it is ideal for 5,000-square-foot to 10,000-square foot users. The campus including 461 From Road (260,962 square feet) and 15 East Midland Avenue (260,382 square feet) features high-end finishes, corporate-class amenities – including a cafeteria, conference room and outdoor courtyard – and large blocks of space up to 260,000 square feet. Included in the Bergen portfolio is Country Club Plaza located at 115-117 W. Century Way in Paramus, purchased by Onyx/Garrison in 2016.
“This portfolio truly offers something for everyone, along with the oversight of a highly respected landlord partnership with deep local roots,” says Cushman & Wakefield’s Andrew Judd, New Jersey market leader. “We anticipate great success for these assets, which are being positioned to accommodate current and future office workforce needs.”