New Vernon Equities’ Arena campus spans 625,000 square feet across six properties off Route 10 in East Hanover, including two newly added office buildings totaling 350,000 square feet at 310 and 315 Health Plaza. — Rendering courtesy: JLL
By Joshua Burd
New Vernon Equities has acquired 350,000 square feet of high-end office space at the former Novartis Corp. campus in East Hanover, with plans to incorporate the buildings into a larger development that caters to firms in life sciences and other innovation sectors.
Based in Morristown, the investment group has tapped JLL as its leasing team at 310 and 315 Health Plaza and for the larger complex known as Arena, which totals 625,000 square feet across six properties off Route 10. The firms are now marketing the site as ownership prepares to enhance the newly added buildings with upscale amenities and multiple outdoor locations meant to promote collaboration and encourage community engagement.
JLL Executive Managing Director Tim Greiner, Managing Director Blake Goodman and Associate Colleen Maguire lead the leasing group.
“New Vernon Equities is thrilled to complete the acquisition of 310 and 315 Health Plaza and to unveil our ambitious plan to redefine a sprawling pharma complex and reinvent the suburban workplace as a cutting-edge campus,” said Peter Gilpatric, who founded New Vernon Equities in 2019 with Michael Mackessy and Mike Petillo. “Arena will be a place where diverse companies converge to collaborate. Workspaces will seamlessly blend with lush outdoor lounges, and employees will enjoy vibrant amenities designed to inspire innovation and connection.”
The news follows a recent groundbreaking nearby by Russo Development, Onyx Equities and RealCold, which acquired 62 acres from Novartis and are developing a combined 584,000 square feet of cold storage and dry warehouse space. New Vernon, meantime, noted that Novartis will continue to occupy roughly 100 acres, emphasizing its ongoing prominence in the pharmaceutical industry and commitment to the local community.
Arena comprises several recent acquisitions by New Vernon Equities, also including 30 Farinella Drive, which it has fully leased to biotech giant GenScript, and an available 50,000 square feet at 31 Farinella Drive. Additionally, NVE is repurposing a two-story, 150,000-square-foot office building at 135 Route 10 for future use, while the site is also home to a roughly 1,000-space parking garage.
Its plan for 310 and 315 Health Plaza includes what it described as an immersive biophilic corridor to link the buildings, plus multiple cafeterias, fitness facilities, wellness zones and expansive outdoor space for recreation and relaxation.
“We are thrilled to be part of the effort to transform this corner of a historic New Jersey workplace for the workforce of the future,” Greiner said. “As its name suggests, Arena will be a place of interest, activity and competition that promises to inspire a new generation of innovators from companies that can learn, create and grow together.”
JLL noted that prospective tenants are minutes from routes 10 and 24 and Interstate 287, providing easy access to restaurants, bars, shops, parks and entertainment options. The site is also a short ride from downtown Morristown.
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