Onyx Equities’ $50 million capital improvement plan at 340 Mount Kemble in Morristown has paid off with global financial institution Morgan Stanley leasing 116,578 square feet and health care technology company Zelis leasing 53,295 square feet, leaving only 22,760 square feet remaining to be leased.
Onyx purchased the former AT&T campus in 2016 and began a gut renovation, transforming the site into a fully amenitized and ultramodern 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 reimagined site and landscape plan, and a brand-new 25,000-plus-square-foot amenity wing, which boasts 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,” John Saraceno, co-founder and managing principal of Onyx Equities, stated. “At 340 Mount Kemble, we’ve revolutionized the office experience from the outside-in by adding in-demand amenities, modern glass curtain walls, individualized HVAC systems, and more — all in Morristown, one of New Jersey’s most desirable commuter locations.”
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. It also continues a partnership with Hackensack Meridian Health System to ensure that it is maintaining operations in the most health-conscious manner possible at 340 Mount Kemble and throughout its portfolio.
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.