In one of the largest new industrial projects in Morris County, New Jersey, Russo Development and Onyx Equities have purchased 62 acres at Route 10 and Ridgedale Avenue in East Hanover, from Novartis Corporation. The companies plan to eliminate 900,000 square feet of vacant office buildings to make way for 826,800 square feet of modern industrial space.
The site is currently a part of the Novartis 202-acre U.S. headquarters campus.
“We are excited to redevelop a portion of one of northern New Jersey’s premier sites into a first-class industrial project,” said Russo Development CEO Edward Russo. “We appreciate the opportunity to work with East Hanover Township and Novartis as the company transforms its East Hanover campus to a more flexible and collaborative workplace design.”
“This project reflects Onyx’s strong track record of repositioning large corporate campuses and growing industrial pipeline, and will bring new jobs, businesses and commerce to East Hanover,” said John Saraceno Jr., co-founder and managing principal for Onyx Equities. “Morris County is a jewel for commercial uses of all types because of its extensive highway system and pool of highly qualified, skilled labor.”
Work will start in early 2022 with ground-breaking on two buildings ranging between 300,000 and 500,000 square feet before year-end.
This is the second joint venture between Onyx Equities and Russo Development; the companies are building Vermella Woodbridge, a mixed-use project with 500 apartments and 23,000 square feet of retail space on 26 acres in Woodbridge Township, acquired from Hess Corporation in 2020.
