Real Estate Journal — Owners, Developers & Managers — December 27 - January 16, 2020 — 3B
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M id A tlantic
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Partnership transforming suburban market / experiencing 254,185 s/f absorption rate Onyx Equities-Garrison Investment Grp. increases ownership to 13.4 of Bergen County office submarket P
right off the Garden State Pkwy.,” said Kristi Mazejy , director for Garrison Invest- ment Group. “In upgrading these properties, we’re deliv- ering the class A office space and amenities that tenants want in a prime New Jersey location.” “The rapid lease up within our Bergen County portfo- lio shows that tenants are pleased with the location of the assets but are unwilling to accept the lack of immedi- ate capital improvements; as they use the work environ- ment as a key recruitment
tool for new and current em- ployees.” said Adam Kara- fiol , senior vice president of leasing for Onyx Equities. “The appreciation for our instantaneous investments into our assets is very obvi- ous”. Onyx Equities has been combining its 80 million s/f of repositioning expertise with Garrison’s discretionary cap- ital to successfully recharge Paramus together, recently expanding into Newark with the joint acquisition of One, Two and Four Gateway Cen- ter in Newark.
ARAMUS , NJ — Ony x Equ i t i e s , LLC and Garrison Investment Group, LLC recently acquired 650 From Rd. in Paramus, increasing the collaborators’ share of the Bergen County class A office sub-market to 10.6%. The partnerships first in- vestment in Bergen County was Country Club Plaza in Paramus in 2016 followed by 61 South Paramus Rd., 15 East Midland Ave., 461 From Rd., 365 W Passaic, and 395 W Passaic in 2017. The 373,420 s/f office build- ing at 650 From Rd. adds to the partnerships’ portfolio of 1.16 million s/f in Bergen County with 254,185 s/f in positive absorption via new corporate relocations to the area and 342,674 s/f of re- newals and expansions. In 2018, the Bergen portfolio’s activity represented 40% of total leasing activity in the sub-market. “We are excited to add another well-located Bergen County office asset to our portfolio,” said Stephen Sullivan , chief investment officer of Onyx Equities. “We believe there will be signifi- cant demand from tenants to lease space in the asset once we have employed our repositioning strategy.” The new property acquisi- tion is a continuation of the partners’ strategy to invest in upgrading well-located as- sets into desirable workforce
650 From Rd. in Paramus, NJ
environments of tomorrow. Since the partners entered the market two years ago, the total occupancy rate in Bergen County has in- creased from 77% occupied to 80%, and the partners believe that rent per s/f and
ratables throughout Bergen County have also increased as a result of its efforts in Paramus. “Paramus is very friendly to corporate enterprise and has a fantastic location at the nexus of Rtes. 4 and 17,
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