{"id":1004150200,"date":"2016-08-17T00:41:29","date_gmt":"2016-08-17T08:41:29","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004150200"},"modified":"2020-04-23T03:30:27","modified_gmt":"2020-04-23T11:30:27","slug":"onyx-grabs-garden-state-office-asset","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/onyx-grabs-garden-state-office-asset\/","title":{"rendered":"Onyx Grabs Garden State Office Asset"},"content":{"rendered":"

By Barbra Murray, Contributing Editor<\/p>\n

\"Country<\/a>

Country Club Plaza, Paramus, N.J.<\/p><\/div>\n

Paramus, N.J.<\/strong>\u2014Onyx 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<\/a> on the acquisition of the asset from Cornerstone Real Estate Advisers<\/a>, an affiliate of MassMutual Financial Group.<\/p>\n

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\u2019s website, a total of approximately 62,000 square feet, or roughly 20 percent of the property, is available for lease. Onyx, however,\u00a0has 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,\u201d Stephen Sullivan, executive vice president with Onyx Equities, said in a prepared statement.<\/p>\n

The office market is looking good in New Jersey. According to a report by commercial real estate services firm CBRE<\/a>, which represented the seller in the Country Club Plaza transaction, key market indicators are at their strongest in seven years\u2014vacancies are dropping, while rental rates, leasing velocity and absorption are on the upswing. \u201cNew Jersey maintains a solid track record for attracting demand from outside the market as well as retaining tenants within,\u201d per the CBRE report.<\/p>\n

Another Garden State office property garnered Onyx\u2019s attention this summer. In August, the company joined forces with PCCP LLC on the acquisition of Kemble Plaza I, the 400,000-square-foot former regional headquarters for AT&T in Morristown.<\/p>\n","protected":false},"excerpt":{"rendered":"

A joint venture between Onyx Equities and Garrison Investment Group acquired the 300,260-square-foot office campus in Paramus, N.J.<\/p>\n","protected":false},"author":969,"featured_media":1004507471,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21808,21783,1600,21742,10,21747],"tags":[],"class_list":["post-1004150200","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-featured","category-investment","category-new-york","category-latest","category-northeast","category-office"],"acf":[],"yoast_head":"\nOnyx Grabs Garden State Office Asset - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/onyx-grabs-garden-state-office-asset\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Onyx Grabs Garden State Office Asset\" \/>\n<meta property=\"og:description\" content=\"A joint venture between Onyx Equities and Garrison Investment Group acquired the 300,260-square-foot office campus in Paramus, N.J.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/onyx-grabs-garden-state-office-asset\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2016-08-17T08:41:29+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-04-23T11:30:27+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/03\/Country-Club-Plaza-Paramus-NJ-1.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"640\" \/>\n\t<meta property=\"og:image:height\" content=\"512\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Barbra Murray\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/onyx-grabs-garden-state-office-asset\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/onyx-grabs-garden-state-office-asset\/\",\"name\":\"Onyx Grabs Garden State Office Asset - 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