Onyx Equities and Garrison Investment Group have begun a $10 million renovation project to reposition a Bergen County office property, they announced Friday.
The 363,000-square-foot Class A building at 650 From Road in Paramus is considered a trophy site, the owners said.
“In the current environment, it is critical that tenants are as comfortable and safe as possible, which is why we are thrilled to have started renovations at this property,” Onyx’s Adam Karafiol said in a prepared statement. “We’re not just renovating an office property, we’re reinvesting in the suburbs to create the workplace of the future, offering tremendous new amenities to welcome tenants back to the office.”
Cushman & Wakefield’s team of Mark Zaziski, David DeMatteis and Ben Brenner are the exclusive leasing agents.
“Onyx and Garrison have spent months crafting the renovation plan, which caters to a corporate user that today is laser-focused on the health and well-being of their employee,” Brenner said in a statement. “650 From Road will ultimately be one of the area’s only properties renovated in the COVID-19 era, especially to the highest standards of safety and wellness.”
Renovations will include indoor and outdoor amenities such as a cafeteria and conference room, as well as exercise equipment and outdoor workstations. Work has begun and is scheduled for completion by summer 2021.
“Despite the pandemic, ownership is investing millions of dollars to improve this Class A trophy office building, proving that, no matter what uncertainty we’re currently seeing with the office market, landlords and tenants know that the office will always play an important role in the new work ecosystem,” Zaziski said in a statement.
Onyx acquired the five-story building in 2019. Tenants include Movado and RBC, among others. The building can accommodate users in office ranging from 2,000 to 200,000 square feet.
