By Joshua Burd
A joint venture has expanded its fast-growing footprint in Bergen County with the addition of a 285,000 square-foot office building in Paramus.
The firms, Onyx Equities LLC and Garrison Investment Group, have purchased the leasehold interest at 61 South Paramus Road from Mack-Cali Realty Corp. The deal brings the partnership’s Bergen County portfolio to 1.4 million square feet across Paramus and Rochelle Park, following the acquisition of four other Mack-Cali buildings earlier this year.
Terms were not disclosed.
All of the buildings are along the Garden State Parkway. In compiling the portfolio in the county, the firms say they sought to offer current and prospective tenants the option to grow, relocate and modify their space within the same geographic market through one point of contact.
Investment sales brokers with HFF represented Mack-Cali in the sale. Cole Schotz P.C. and Milbank, Tweed, Hadley & McCloy LLP represented the buyers.
In announcing the newest acquisition, Onyx Chief Investment Officer Stephen Sullivan said 61 South Paramus “has the potential to be one of Bergen County’s best intuitional office buildings.”
“It currently houses significant corporate operations and is situated in one of the most highly sought-after office locations,” Sullivan said. “We are pleased to have finalized this acquisition and look forward to implementing Onyx’s signature, value-add strategy in partnership with Garrison Investment Group.”
According to Onyx, the overall portfolio also includes:
- 461 From Road, a five-story, 260,962-square-foot office building in Paramus at the intersection of Route 17 and Midland Avenue.
- 15 East Midland Ave., a five-story, 260,832-square-foot office building in Paramus just off Exit 165 of the Parkway.
- 365 West Passaic St., a five-story, 218,492-square-foot office building in Rochelle Park and sitting at Exit 160 of the Parkway.
- 395 West Passaic St., a four-story, 107,969-square-foot office building in Rochelle Park and sitting at Exit 160 of the Garden State Parkway.
- 115-117 West Century Road, a two-building office campus totaling 302,945 square feet in Paramus, immediately off of Route 17 and the Parkway.
Onyx and Garrison, which have now done five transactions together, are nearing the completion of common area renovations at the West Century Road property.
“We look forward to delivering a modern workplace environment at 61 South Paramus Road that the tenants of Bergen County deserve, complete with high-end renovations, upgraded amenities, and a new Class A management team,” said Kristi Mazejy, vice president at Garrison Investment Group.
The HFF investment sales team included Senior Managing Director Jose Cruz, Managing Director Kevin O’Hearn, senior directors Michael Oliver and Stephen Simonelli and Director Marc Duval.
“The transaction further exemplifies the requirements by the investment community for core plus office buildings in the northern New Jersey markets,” Cruz said.