ROI Influencers: Real Estate 2023 — Why Saraceno and Schultz of Onyx are No. 1

John Saraceno; Jonathan Schultz
Co-managing partners
Onyx Equities

Here’s what sometimes gets lost when you talk about Onyx Equities: The effort and the excellence of the organization does not only shine through on the big deals.

Yes, the purchase of 108-acre Merck site in Kenilworth — which has been renamed the NEST, for Northeast Science and Technology, will be a game-changer for life sciences in the state. That acquisition alone, made in February, would be enough to make co-founders John Saraceno and Jonathan Schultz worthy of the No. 1 spot in the 2023 ROI Influencers: Real Estate list.

The same goes for the summer announcement that Kenvue, the billion-dollar spinoff of Johnson & Johnson, will take nearly 300,000 square feet at Summit East in Summit for its global headquarters — a significant moment for the state, as it instantly grabbed another Fortune 500 company.

And then, there’s the 25-year lease it signed with New Jersey Transit to take approximately 400,000 square feet of Class A office space at Gateway in Newark — the largest office deal in state history.

Simply put, Onyx made all the big deals this year.

But, it’s the smaller deals — with smaller in air quotes — that truly show the depth of the firm, one that seemingly is staying one step ahead of the volatile office market.

Consider all it’s doing to bring tenants to Gateway — and, thus, people into Newark.

Or its efforts in the suburbs, another key economic area for the state. Consider just one example: The $15 million of capital improvements it made at the Arbors @ Parsippany.

A game room, collaborative lounge, indoor and outdoor meeting spaces, a bike share program and yoga classes are all part of turning the 60-acre, five-building campus into an energetic destination.

Saraceno and Schultz recognize that today’s concept of “the office” must be more than just a place to work — it’s creating an energetic environment for their tenants to stand out in a competitive market and attract employees back to the workplace.

And, whether that be in spots that are big, small or anywhere in between, no one is doing it better — or having more impact — than Onyx Equities. That’s why Saraceno and Schultz are No. 1.

See all our honorees below:

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