A joint-venture between Onyx Equities and Garrison Investment Group announced Wednesday the acquisition of the leasehold interest in 61 South Paramus Road in Paramus. The joint-venture acquired the 285,000-square-foot office building from Mack-Cali.
Onyx and Garrison raised its total portfolio in Bergen County to 1.4 million square feet across six assets throughout Paramus and Rochelle Park
“61 South Paramus has the potential to be one of Bergen County’s best intuitional office buildings,” said Stephen Sullivan, chief investment officer at Onyx Equities. “It currently houses significant corporate operations and is situated in one of the most highly sought-after office locations. 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.”
The deal is the fifth venture between Garrison and Onyx.
All of the six properties are located off of Route 17 and 4, Interstate 80, and the Garden State Parkway.
Jose Cruz, Kevin O’Hearn, Michael Oliver and Stephen Simonelli of HFF represented Mack-Cali Realty in the transaction.
“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 at Garrison Investment Group.
Financial terms for the transaction were not disclosed.
The properties in the 1.4 million-square-foot, six-building office portfolio in Paramus and Rochelle Park are 61 South Paramus Road, Paramus; 461 From Road, Paramus; 15 East Midland Ave., Paramus; 365 and 395 West Passaic St., Rochelle Park; and 115-117 West Century Road, Paramus.