A joint venture between Onyx Equities, Taconic Capital Partners, Axonic Capital and Machine Investment Group has acquired a 10-property office portfolio totaling 1.5 million square feet in Morris County, N.J.
JLL Capital Markets arranged $147.72 million in financing. It secured the three-year, floating-rate loan provided by funds managed by the real estate group of Ares Management Corp. Loan proceeds were used to acquire the portfolio from Mack-Cali. The sale transaction was represented by JLL’s Capital Markets team.
The portfolio consists of nine assets in Parsippany: 1, 3, 5 and 7 Sylvan Way; 4, 6 and 8 Campus Drive; 2 Hilton Court and 11 Dryden Way; and 1 Giralda Farms in Madison. Parsippany and Madison are located in Morris County, which is part of the Northern New Jersey office market, which, with more than 152 million square feet, is the 17th largest office market in the United States. The area is home to numerous Fortune 500 companies and boasts a hig
