Onyx Equities has spent $15 million at The Arbors @ Parsippany, which includes 1, 3 and 5 Sylvan Way and 4 and 6 Campus Drive, to renovate building lobbies, upgrade infrastructure and create new amenity spaces for tenants. — Courtesy: Onyx Equites
By Joshua Burd
Onyx Equities has lured another law firm to The Arbors @ Parsippany office campus, leasing more than 43,000 square feet to a practice that has spent nearly 65 years in the Morristown area.
The occupier, Porzio, Bromberg & Newman, will move its headquarters to 5 Sylvan Way under a 16-year commitment announced Friday. Its new home will be part of a 60-acre, 750,000-square-foot campus of five buildings just north of Route 10 that Onyx has upgraded and repositioned, sparking new leasing activity including 89,000 square feet in recent commitments.
Porzio, Bromberg & Newman, a general practice firm with more than 90 attorneys, will move from 100 Southgate Parkway in Morris Township. The deal follows Onyx’s announcement last month that it had leased to 26,693 at The Arbors to Einhorn, Barbarito, Frost, Botwinick, Nunn & Musmanno PC, which will leave its home in Denville of nearly 65 years.
“Our firm has been in Morristown for its entire existence, so it took something spectacular to lure us to a new location, admittedly only a few miles away,” said Vito A. Gagliardi Jr., managing principal at Porzio. “The attraction to us goes beyond the physical office and includes the entire campus and the extraordinary professionals at Onyx. I would like to thank my colleagues Carmen Andrade, Diane Averell, Nick Drappi and Phil Siana for so capably leading the team that negotiated our new lease. We look forward to moving our headquarters to The Arbors.”
Josh Cohen and Ben Brenner of Cushman & Wakefield represented the law firm, which founded in 1962 and spans practices including bankruptcy and financial restructuring, corporate law, intellectual property, employment law, cannabis, casino and gaming, manufacturing, real estate and others.
“We are thrilled to welcome Porzio, Bromberg & Newman to The Arbors, a clear indication of the growing interest in our modernized working and amenity spaces that continue to attract great companies eager to be part of an energetic campus atmosphere,” said Jonathan Schultz, an Onyx co-founder and managing principal. This achievement underscores Onyx Equities’ dedication to creating exceptional collaborative environments across our office portfolio and signals exciting opportunities for future growth.”
Onyx has spent $15 million at The Arbors, which includes 1, 3 and 5 Sylvan Way and 4 and 6 Campus Drive, to renovate building lobbies, upgrade infrastructure and create new amenity spaces such as a high-end 5,200-square-foot fitness center, three cafes, conference facilities, outdoor dining areas and recreational spaces. The campus also has 1.5 miles of walking, biking and hiking paths, as well as regular event programming to help support work-life balance for its tenants.
Other recent leases at The Arbors include:
- 1,739 square feet by RR Donnelley & Sons
- 3,426 square feet by Tiger Advisory
- 3,057 square feet by Resources Connection
- 7,400 square feet at 5 Sylvan Way by Tronex
- 6,050 square feet at 4 Campus Drive by GYL Financial
- 6,000 square feet at 5 Sylvan Way by Cablevision Lightpath
- 2,000 square feet at 4 Campus Drive by Liberty Mutual
- 4,885 square feet by Wealth Enhancement
Other upgrades at The Arbors include newly designed entries and lobbies that showcase striking multistory granite and glass atriums, plus upgraded roofs and rooftop HVAC systems, according to a news release. Those improvements and others have sought to capitalize on the location’s proximity to interstates 80, 280 and 287, routes 10, 46 and 202 and NJ Transit’s Morris Plains station, plus abundant dining, shopping and hotel options nearby.