Aug
17
Onyx Grabs Garden State Office Asset
ByA joint venture between Onyx Equities and Garrison Investment Group acquired the 300,260-square-foot office campus in Paramus, N.J.
Country Club Plaza, Paramus, N.J.
Paramus, N.J.—Onyx Equities LLC has just enhanced its growing New Jersey office portfolio by 300,260 square feet with the purchase of Country Club Plaza in Paramus, N.J. The private real estate investment and development firm partnered with Garrison Investment Group on the acquisition of the asset from Cornerstone Real Estate Advisers, an affiliate of MassMutual Financial Group.
Developed on a 20-acre site in 1988, Country Club Plaza features the three-story Country Club Campus Plaza I and II office buildings, which carry the respective addresses of 115 and 117 W. Century Road. According to Onyx’s website, a total of approximately 62,000 square feet, or roughly 20 percent of the property, is available for lease. Onyx, however, has a game plan for addressing the vacancy level at Country Club Plaza I and II. “We believe that once our planned renovations are complete, the location, amenity package and competitive rental rates will be very enticing to prospective tenants in the market place,” Stephen Sullivan, executive vice president with Onyx Equities, said in a prepared statement…
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