7 Sylvan Way in Parsippany — Courtesy: JLL
By Joshua Burd
An investment group has picked JLL to market five newly acquired office buildings in Parsippany, where the team has closed two new leases totaling nearly 57,000 square feet.
JLL brokers will serve as the agents for 1, 3, 5 and 7 Sylvan Way and 8 Campus Drive, which total 810,429 square feet, working on behalf of a joint venture led by Onyx Equities. The assignment comes as the team touts two new commitments at the campus, including a 41,269-square-foot, long-term lease with Blue Foundry Bank at 7 Sylvan Way.
The lender, which is relocating from Rutherford, will occupy a portion of the building’s second floor, according to a news release. JLL also completed a lease with VentureX, a co-working firm, for 15,438 square feet at 8 Campus Drive.
“We are excited to work with Onyx Equities on The Arbors @ Parsippany, a dynamic, accessible office destination with a diverse tenancy and extraordinary on-site amenities” said David Stifelman, a managing director with JLL. “The unique campus and convenient location offer companies an employee-focused environment that is critical in the current environment.”
Stifelman is leading the assignment alongside JLL Executive Managing Director Tim Greiner, Senior Vice President Chris Conklin and Brokerage Coordinator Maria Casaliggi.
Onyx and its partners — Taconic Capital Advisors LP, Axonic Capital LLC and Machine Investment Group — acquired the former Mack-Cali Business Campus last month as part of a 10-building, 1.5 million-square-foot portfolio sale by Mack-Cali Realty Corp. The developer is now planning additional upgrades to the buildings beyond several recent improvements by Mack-Cali, which included new fitness centers, a golf simulator, a game room, conference centers, training rooms and cafeterias.
JLL is marketing availabilities ranging from 3,500 to 100,000 square feet of contiguous space. In the news release, the firm noted that The Arbors sits on 600 acres and includes 12 office buildings with a combined 2.1 million square feet, with quick access to interstates 80, 280 and 287 and routes 46 and 202, among other highways.
The campus also includes a 134,000-square-foot Wegmans and Panera, plus a Seasons 52 and Capital Grille that are both under construction and expected to open early next year, along with extensive walking and biking trails. Ownership is providing on-campus shuttle service to the nearby Morris Plains train station.