MORRISTOWN, NJ– Onyx Equities, LLC (“Onyx”) confirmed that multinational technology giant Avaya will relocate its regional operations from 211 Mt. Airy Road in Basking Ridge to Mount Kemble Corporate Center in Morristown, New Jersey – a 230,000-square-foot, Class-A complex, jointly owned by Onyx and Artemis Real Estate Partners.
Over the past four months, leasing velocity at the Morristown complex has been steady, including new leases signed by Ruvolo Law, Alliant Technologies, Grunenthal U.S.A and Daytop New Jersey.
Avaya’s move to 350 Mount Kemble Avenue was part and parcel in solving global pharmaceutical company Daiichi Sankyo’s requirement for the entirety of 211 Mt. Airy Road. The two transactions came to a close last week, resulting in a deal that brought 310,000-square-foot 211 Mt. Airy Road to full occupancy and Mt. Kemble Corporate Center to 80 percent occupancy. Earlier this week, Daiichi Sankyo released its own statement regarding the consolidation of its Parsippany and Edison facilities into 211 Mount Airy Road, which Onyx, and its joint-venture partner Rubenstein Partners, acquired in 2013.
“Onyx has earned a reputation as a value-add investor and manager of Class-A properties in the tri-state market,” said D.J. Venn, Onyx’s Senior Vice President of Asset Management. “This particular deal is a testament to our agility and creative flexibility in responding to the unique requirements of the tenants involved in this transaction.”