Kenilworth, NJ — A Joint Venture between Onyx Equities, LLC and Machine Investment Group, LLC (“the Venture”) has acquired Merck Sharp & Dohme LLC (“Merck”) former world HQ, which features nearly two million s/f of biologics, research, and development buildings on its 108-acre campus in Kenilworth. This closing represents one of the largest New Jersey office and life sciences transactions in history.
The Venture will market the site’s state-of-the-art laboratories and support facilities to biotechnology, pharmaceutical, and technology companies that value a highly educated life sciences labor pool and proximity to regional infrastructure and thoroughfares. Merck will lease back the entirety of the historic site, vacating in phases over the next several years.
“New Jersey receives two forms of good news today as one of the pillars of our business community chooses to commit its long-term future to New Jersey and one of our leading developers prepares to build a high-tech life sciences hub, consistent with our vision for New Jersey’s economic future,” said New Jersey Governor Phil Murphy. “I congratulate both Merck and Onyx and eagerly await the advancements they will make in our state, which will solidify our status as a national leader in the life sciences sector.”
“This collaboration is an incredible opportunity to help reimagine the hub of life sciences while also continuing Merck’s strong history and legacy of serving patients and communities,” said Shefali Shah, global real estate lead, Merck. “We believe Onyx Equities, LLC will foster long-term value, economic growth and sustainability within the community. We look forward to collaborating with Onyx Equities, LLC and their team members on a smooth transition.”
Merck was represented in the transaction by Dan Loughlin, Jose Cruz, and Kevin O’Hearn of New Jersey’s JLL office. Onyx’s development team handled the transaction internally.
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