Cushman & Wakefield is now the exclusive leasing agent for a four-building, 850,000-square-foot Bergen County office portfolio.
A joint venture of Woodbridge-based Onyx Equities and New York’s Garrison Investments added four properties located in Paramus and Rochelle Park. Significant planned capital improvements will create modernized office space in a range of unit sizes and price points.
Executive Managing Director Marc Trevisan is heading the assignment with David DeMatteis, Mark Zaziski and William O’Keefe.
“With this portfolio acquisition, Onyx and Garrison have become the largest — and arguably most diversified — office landlords in Bergen County,” Trevisan said.
The assets are located at 365 and 395 W. Passaic St. in Rochelle Park, and 15 E. Midland Ave. and 461 From Road in Paramus. The Cushman & Wakefield team also represents Onyx and Garrison as leasing agents for Country Club Plaza on Century Road in Paramus.
The Onyx/Garrison partnership will implement a program of upgrades that will leverage its new properties’ superior locations in the heart of New Jersey’s most densely populated county, according to DeMatteis.
“Bergen County houses a deep labor pool and a concentration of high net worth residents, but much of its office product is dated,” he said. “At the same time, demand is rising, as millennial workers — who today comprise 60 percent of the professional population — begin to expand their families and move back to the suburbs. Onyx and Garrison will bring these buildings to a level of fit and finish that will appeal to these lifestyle-focused employees while at the same time offering a range of choices for employers.”
The 218,492-square-foot 365 W. Passaic St. building has onsite food services and moderately priced units ranging from 2,000 to 20,000 square feet.
The neighboring, 105,079-square-foot 395 W. Passaic St. is being marketed as a boutique property with a café, covered parking and pricing at a slightly higher tier. It is being marketed to those looking for 5,000 to 10,000 square feet.
The campus including 461 From Road and 15 East Midland Ave. features high-end finishes, and corporate amenities, including a cafeteria, conference room and outdoor courtyard.
“This portfolio truly offers something for everyone, along with the oversight of a highly respected landlord partnership with deep local roots,” said Cushman & Wakefield’s Andrew Judd, New Jersey market leader. “We are so pleased to partner with Onyx and Garrison — two longtime Cushman & Wakefield clients — to help bring their forward-thinking vision for this portfolio to the marketplace. We anticipate great success for these assets, which are being positioned to accommodate current and future office workforce needs.”
