340 Mount Kemble Ave. in Morris Township — Courtesy: Onyx Equities
By Joshua Burd
Onyx Equities is detailing two major deals at a newly overhauled, 400,000-square-foot office building near downtown Morristown, where it has leased a combined 170,000 square feet to banking giant Morgan Stanley and health care technology company Zelis.
The company on Monday announced the transactions at 340 Mount Kemble Ave. in Morris Township, which include a 116,578-square-foot commitment by Morgan Stanley and a 53,295-square-foot lease by Zelis. Both are slated to move to the building next year, following Onyx’s $50 million gut renovation and modernization of the former AT&T campus near Route 202 and Interstate 287.
JLL’s Tim Greiner and Blake Goodman represented ownership in the deals, which leave the property with only 22,760 square feet of available space. Jason Benson and Bob Ryan of JLL represented Morgan Stanley, while John Coakley and Dennis Gralla of Cresa represented Zelis.
“As we see a shift back to the office, we understand the importance of delivering a thoughtful and community-minded work environment that attracts top-tier employee talent and helps to rebuild corporate culture for this new chapter,” said John Saraceno Jr., co-founder and managing principal of Onyx Equities. “At 340 Mount Kemble, we’ve revolutionized the office experience from the outside-in by adding in-demand amenities, modern glass curtain walls, individualized HVAC systems, and more — all in Morristown, one of New Jersey’s most desirable commuter locations.”
Onyx purchased the property in 2016, giving way to a redevelopment program that included a new glass curtain wall façade, window and roof replacements and a sweeping new site and landscape plan, according to a news release. The project also created a new 25,000-square-foot amenity wing, which boasts a commercial-grade fitness center, a full-service cafeteria, a conference center and game and social lounges.
Upgrades to the property totaled more than $125 per square foot, Onyx said, adding that it was mid-construction and mid-pandemic when it determined the need to provide separate HVAC systems for each tenant. The developer also continues a partnership with Hackensack Meridian Health to ensure that it is maintaining operations in the most health-conscious manner possible at 340 Mount Kemble and throughout its portfolio.
The firm announced in fall 2019 that financial services firm CIT Group had leased 200,000 square feet at the property, but multiple reports in recent months have said the company has listed the space for sublease.
“Onyx has become known for delivering forward-thinking office environments in prime commuter locations, and 340 Mount Kemble is the perfect example of what today’s companies are looking for,” said Greiner, an executive managing director with JLL. “We are thrilled to add to an already impressive tenant roster as we welcome Morgan Stanley and Zelis in 2023.”