Onyx Equities is set to begin renovations at the 2 million-square-foot former Merck & Co. campus in Kenilworth, having teamed with a known life sciences developer to spearhead its plan to upgrade and bring new tenants to the property.
Middlesex and Union counties emerged as key focal points for commercial real estate investors in the first half of 2023, accounting for some $700 million in sales through midyear.
Onyx Equities has revealed new details of its plan for the 2 million-square-foot former Merck & Co. campus in Kenilworth, as it prepares a broad campaign to attract life sciences and biotechnology firms seeking both turnkey space and new ground-up facilities.
Turnkey, high-end life sciences space remains in high demand in New Jersey, creating an opportunity for owners of the state’s few remaining legacy pharmaceutical campuses or those that can find other ways to create new space without building speculatively.
Merck & Co. has sold its 108-acre campus in Kenilworth to a joint venture of Onyx Equities and Machine Investment Group, with plans to lease back the nearly 2 million-square-foot complex while it relocates in phases over the next several years.
An investment group has picked JLL to market five newly acquired office buildings in Parsippany, where the team has closed two new leases totaling nearly 57,000 square feet.
An investment group has picked Newmark Knight Frank as its leasing agent at a well-known office building in Madison, where it’s now marketing 115,000 square feet.
An investment group has secured nearly $148 million in financing for its recent purchase of 10 office buildings in Parsippany and Madison, in a transaction arranged by JLL.
A joint venture led by Onyx Equities has closed on its $158 million purchase of a 10-building, 1.5 million-square-foot office portfolio in Parsippany and Madison from Mack-Cali Realty Corp.
