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September 17, 2020 Comments (0) Views: 334 New Jersey, New York News, Tri-State Area New York

Onyx Closes on 10-Building Morris County Buy from Mack-Cali

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In one of the largest office transactions finalized since the beginning of COVID-19, Onyx Equities and its partners Taconic Capital Advisors, Axonic Capital LLC, and Machine Investment Group acquired a 10-building, 1.5-million square foot office portfolio in Morris County from Mack-Cali Realty Corp. for $160 million.

Encompassing properties in Parsippany and Madison, NJ, the deal was announced last December at $288.5 million.

The acquisition venture believes this portfolio will be well-positioned to capitalize on tenants already in the suburbs along with potential relocations from New York City due to COVID-19.

“Historically, Onyx has completed some of our most complicated transactions in difficult economic climates and closing during COVID-19 certainly provided some unique challenges,” said John Saraceno, Jr., managing principal for Onyx. “Special thanks to the effort of the Onyx and Mack-Cali teams for never giving up and finding a path to get this transaction closed.”

JLL facilitated the transaction.

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