Nine are in Parsippany: 1, 3, 5 and 7 Sylvan Way 4, 6 and 8 Campus Drive 2 Dryden Way and 2 Hilton Court. The buildings included in the transaction are all located in Morris County. “We both recognized the world was different.” “In conjunction with Mack-Cali, we worked through some revisions to pricing and staggered the closing,” said Saracenno. Real Estate New Jersey reported in December 2019 that Onyx was in contract to buy 2.4 million square feet for $288.5 million. John Saraceno, Jr., managing principal for Onyx Equities, said the final purchase price was 10 percent lower than the initial offer, and some assets were left out of the transaction. Mack-Cali did not immediately have a comment on the transaction.Īlthough the Morris County assemblage went into contract before the pandemic, the unusual investing environment, and the question of whether employees will be returning to offices in the near future, impacted the transaction. The REIT also recently tapped MaryAnne Gilmartin to temporarily serve as CEO amid a larger shake-up of its leadership team. In 2019, the firm announced that it would shed its entire suburban office portfolio in order to pay down its corporate debt. Mack-Cali has in recent years shifted its strategy to focus on the acquisition of office and multifamily properties on the Hudson County waterfront. Onyx Equities secures 320k sf of tristate leases.Inside Gilmartin’s short-term gig at Mack-Cali.
