Onyx Equities’ $50 million capital improvement plan at 340 Mount Kemble in Morristown, New Jersey has paid off with global financial institution Morgan Stanley leasing 116,578 square feet and healthcare technology company Zelis leasing 53,295 square feet at the project.
Onyx Equities purchased the former AT&T campus in 2016 and began a gut renovation, transforming the site into a fully amenitized and ultra-modern Class A office opportunity that had been missing in the Morris County commercial market for nearly a generation. The redevelopment program included an entirely new glass curtain wall façade, windows and roof, a completely re-imagined site and landscape plan, and a new 25,000-square-foot amenity wing with a commercial-grade fitness center, full-service cafeteria, conference center, game and social lounges and more.
“As we see a shift back to the office, we understand the importance of delivering a thoughtful and community-minded work environment that attracts top-tier employee talent and helps to rebuild corporate culture for this new chapter,” said John Saraceno, Jr., co-founder and managing principal of Onyx Equities.
In addition to the upgrades at more than $125 per square foot, mid-construction — and mid-pandemic — the developer determined the need for newly designed separate HVAC systems for each company.
Tim Greiner and Blake Goodman from JLL represented Onyx Equities in the transactions. Jason Benson and Bob Ryan from JLL represented Morgan Stanley, and John Coakley and Dennis Gralla from Cresa represented Zelis.
