X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

ROCKAWAY, NJ-On behalf of a public pension fund, Grosvenor Investment Management US has picked up two North Jersey office buildings totaling more than 403,000 sf. The larger of the two separate acquisitions is Rockaway 80 Corporate Center, a seven-story, 259,473-sf multi-tenant property here.

Rockaway 80 was acquired from Onyx Equities of Woodbridge. As reported by GlobeSt.com, Onyx Equities was formed in 2004, and Rockaway 80 was one of its initial acquisitions. As part of a complicated three-building deal, Onyx bought the building in 2005 from a partnership of Investcorp, Crow Holdings and Lincoln Equities.

Located at 100 Enterprise Dr., Rockaway 80 is currently 80% leased to 13 tenants, including Warner Chilcott, Reed Elsevier and Hartford Fire Insurance Co. Onyx was represented by Cushman & Wakefield’s Andrew Merin, David Bernhaut, Gary Gabriel and Jose Cruz.

The second pick-up is 299 Jefferson Rd., a 143,777-sf building in Mountain Lakes–both newly acquired buildings are within the Parsippany submarket. Acquired by GIM in a joint venture with Vision Equities, 299 Jefferson Rd. is a three-story, single-tenant asset fully leased to media and educational publisher Pearson, whose lease expires in 2009. The seller was the Atrium Limited Partnership. The deal also marks the second joint venture acquisition GIM has done with Vision Equities recently. As reported by GlobeSt.com, the partners bought Mountain Lakes Corporate Campus in March.

“Rockaway 80 is one of the few office buildings in the market that provides quality class A alternatives for mid-size or smaller tenants,” says Gary Lyon, managing director for GIM, the Philadelphia-based North American real estate manager for Grosvenor Fund Management. “And 299 Jefferson Rd. is one of the few buildings in the area with the capacity to accommodate a tenant that needs more than 100,000 sf of space.

“New Jersey continues to offer promising investment opportunities,” Lyon says. “In less than a year, on behalf of the same public pension fund, we have invested in four office buildings totaling 785,000 sf, as well as in residential development.”

Further details, including sale prices, were not released. Industry sources say the two buildings combined likely traded for a number in the $80-million range.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.