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.
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.
A year after announcing plans to vacate its Kenilworth headquarters, Merck & Co. has officially placed the nearly 2 million-square-foot office and research campus on the market for sale.
Office leasing in New Jersey rebounded modestly in the third quarter, even as the pandemic continues to weigh on the market and fuels a sizable uptick in availabilities.
A new Merck & Co. spinoff is moving to the Goldman Sachs tower in Jersey City, where it’s reportedly set to occupy 110,000 square feet for its global headquarters.
Merck & Co. is leaving its Kenilworth headquarters and returning its front office to Rahway, in a move that is slated to take place by the end of 2023.
The owner of a new apartment complex in Union has partnered with some of the area’s top employers on a series of incentives aimed at drawing renters to the property.
A stronger 2018 helped New Jersey’s office market reverse the losses of the prior two years, Newmark Knight Frank found, thanks in part to healthier demand and leasing in some of the state’s key submarkets.
