PARAMUS, NJ — Onyx Equities, LLC and Garrison Investment Group, LLC recently acquired 650 From Rd. in Paramus, increasing the collaborators’ share of the Bergen County class A office sub-market to 10.6%.
The partnerships first investment in Bergen County was Country Club Plaza in Paramus in 2016 followed by 61 South Paramus Rd., 15 East Midland Ave., 461 From Rd., 365 W Passaic, and 395 W Passaic in 2017. The 373,420 s/f office building at 650 From Rd. adds to the partnerships’ portfolio of 1.16 million s/f in Bergen County with 254,185 s/f in positive absorption via new corporate relocations to the area and 342,674 s/f of renewals and expansions. In 2018, the Bergen portfolio’s activity represented 40% of total leasing activity in the sub-market.
“We are excited to add another well-located Bergen County office asset to our portfolio,” said Stephen Sullivan, chief investment officer of Onyx Equities. “We believe there will be significant demand from tenants to lease space in the asset once we have employed our repositioning strategy.”