JV buys N.J. office portfolio

Onyx Equities, along with partners Taconic Capital Advisors, Axonic Capital, and Machine Investment Group, acquired a 10-building, 1.5 million-square-foot office portfolio in Morris County from Mack-Cali.

The Morris County office portfolio consists of nine buildings in Parsippany and one building in Madison. The assets will be upgraded through its classic capital improvement strategy that targets tenants looking for high-quality buildings that are easily accessible to major highways and in close proximity to urban downtowns. The acquisition venture believes this portfolio will be well-positioned to capitalize on tenants already in the suburbs looking for high-quality space, as well as potential tenant relocations from New York City due to COVID-19.

“Onyx is excited to close its second large portfolio with Mack-Cali and we look forward to implementing our typical value add capital improvement business plan in order to upgrade assets that we already feel are some of t