Two trophy office towers adjacent to Novartis’ northeast headquarters complex in East Hanover, that total 350,000 square feet, have space available for lease, according to a Monday announcement from JLL which has been retained as the exclusive marketing and leasing agent.
The two properties, located at 310 and 315 Health Plaza, were recently acquired by locally based investment group, New Vernon Equities, from global pharmaceutical company Novartis.
New Vernon Equities plans to incorporate 310 and 315 Health Plaza into its new Arena development, a six-building, 625,000-square-foot innovation hub occupying 20 acres and activated with multiple outdoor locations and shared space designed to foster collaboration and encourage community engagement.
Novartis will continue to occupy approximately 100-acres, emphasizing its ongoing prominence in the pharmaceutical industry and commitment to the local community.
A joint venture of Russo Development and Onyx Equities is also converting 62-acres it acquired from Novartis in 2021 into a ‘flex-tech’ and industrial campus.
“New Veron Equities is thrilled to complete the acquisition of 310 and 315 Health Plaza and to unveil our ambitious plan to redefine a sprawling pharma complex and reinvent the suburban workplace as a cutting-edge campus,” Peter Gilpatric, who founded New Vernon Equities in 2019 with Michael Mackessy and Mike Petillo, said. “Arena will be a place where diverse companies converge to collaborate. Workspaces will seamlessly blend with lush outdoor lounges, and employees will enjoy vibrant amenities designed to inspire innovation and connection.”
New Veron Equities previously acquired four properties surrounding the Novartis campus, including 30 Farinella Dr., which it has fully leased to biotech giant GenScript, 31 Farinella Dr., which is currently available for lease, and 135 Rt. 10, a two-story office building being reimagined for future use.
Totalling 625,000 square feet of office and R&D space, Arena is being designed to greatly improve well-being, encourage inclusivity and provide the ideal surroundings for all to thrive and prosper. An immersive biophilic corridor will link 310 and 315 Health Plaza and the campus will be outfitted with multiple cafeterias, fitness facilities, wellness zones and expansive outdoor space for recreation and relaxation.
The JLL leasing team includes Executive Managing Director Tim Greiner, Managing Director Blake Goodman and Associate Colleen Maguire.
“We are thrilled to be part of the effort to transform this corner of a historic New Jersey workplace for the workforce of the future,” Greiner said. “As its name suggests, Arena will be a place of interest, activity and competition that promises to inspire a new generation of innovators from companies that can learn, create and grow together.”
Arena will be located primarily in the southeast quadrant of the intersection of New Jersey Route 10 and Ridgedale Avenue in East Hanover, one of New Jersey’s perennial Best Places to Live and one of Morris County’s most prominent amenity corridors. The property is located minutes away from Route 10, Route 24, and I-287 and offers convenient accessibility from all directions as well as easy access to Morristown Airport.
