Page 9 - RE-NJ

ONYX, PCCP SELL REVITALIZED
MORRISTOWN OFFICE BUILDING
Onyx Equities and PCCP have sold
a 439,000-square-foot offi ce building
outside Morristown — reportedly
for $118.5 million — following
nearly a decade of ownership and
an ambitious plan to rejuvenate the
property.
According to Cushman & Wakefi eld,
which arranged the sale, First
Mile Capital paid an undisclosed
price for the complex at 340 Mount
Kemble Ave. in Morris Township.
The building traded with an
occupancy rate of 94.5 percent,
the brokers said, thanks in large
part to a $50 million renovation
that transformed the once-vacant,
former AT&T regional headquarters
into a multitenant asset with a
new glass façade, upgraded HVAC
systems and a complete makeover
of the full-height atrium lobby,
common areas and restrooms.
Cushman’s David Bernhaut,
Gary Gabriel, Andy Merin, Frank
DiTommaso and Bill Baunach
represented Onyx and PCCP, which
acquired the 439,059-square-foot
building in 2016. Brad Domenico of
C&W’s equity, debt and structured
fi nance group sourced acquisition
fi nancing on behalf of the buyer, an
affi liate of Crown Acquisitions.
The fi rms did not disclose the sale
price, but a report by CoStar News
listed it as $118.5 million.
“340 Mount Kemble represents a
monumental
sale in
today’s offi ce
environment
and will likely
remain as one
of the largest
suburban offi ce
transactions
David Bernhaut
in the U.S. in
recent times,” Bernhaut said. “Onyx
and PCCP did an exceptional job
repositioning this former corporate
facility, essentially rebuilding it from
the inside out.”
Societe Generale provided the
acquisition loan.
“Choosing the best lending partner
who could execute on an offi ce
asset was key to this transaction and
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Camden
Cape May
East Hanover
2 Aquarium Drive
Suite 320
211 Bayberry Drive Suite 1A-1C
15A Melanie Lane
Suite 1
Camden, NJ 08103
Cape May Court House, NJ 08210
East Hanover, NJ
07936
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™ 7
340 Mount Kemble Ave. in Morris Township
Societe Generale proved to be the
correct choice,” Domenico said.
Located two miles from the
Morristown Green, 340 Mount
Kemble has a full-service cafeteria,
a modern coffee lounge and bar,
a fi tness center and a conference
facility, among other amenities.
Tenants have easy access to major
roadways such as Route 202 and
Interstate 287 and are minutes from
the Morristown train station, while
the building benefi ts from the area’s
affl uent population, high-quality
amenities and a strong corporate
presence.
That has helped Onyx attract
companies such as Morgan Stanley,
Zelis Inc., Marcum LLP and Sompo
International, among others.
“The caliber of tenancy that 340
Mount Kemble has attracted is
a testament to sponsorship,”
DiTommaso said. “First Mile
Capital will benefi t from long-term,
investment-grade cash fl ow while
planting a fl ag in one of the region’s
top-performing submarkets.”
Camden Waterfront Redevelopment - Camden, NJ (actual)
Camden Waterfront Redevelopment - Camden, NJ (concept)
Courtesy: Cushman & Wakefi eld