Jones Lang LaSalle

Onyx Buys 60,000-SF Office
By Eric Peterson
Last updated: March 28, 2006 03:16pm

GLEN ROCK, NJ-Onyx Equities LLC has added the office building at 266 Harristown Rd. to its portfolio, buying it from the Englewood-based Burt Ross Realty. The Woodbridge-based Onyx paid $6.7 million for the three-story, 60,000-sf building, a number that factors out to just under $112 per sf.

“This is a great value-added investment for Onyx,” says Robert Donnelly, Jr., associate director with Cushman & Wakefield’s Metropolitan Area Capital Markets Group in East Rutherford.

Donnelly co-brokered the sale with the MACMG’s executive director Gary Gabriel.

“The third floor is available for the first time since the building’s completion" in 1982, Donnelly says. “That presents an attractive lease-up opportunity for the new owner. Within this submarket, the building can cater to tenants from 1,000 to 20,000 sf. The building’s location and flexibility have contributed to the property’s historically high occupancy rate.”

The building’s current tenant roster includes National Risk Services, an insurance and workmen’s comp firm; the Korzik Group, another insurance company; the Goldstein Group, a retail brokerage and development firm; Atochem Inc.; and several law firms. Available space in the building is currently listed online with an asking price of $23 per sf. The building itself is located at a four-way interchange of Route 208 in Bergen County, near several other major highways.

“Middle-market investment sales transactions under $15 million, like this one, represent a growing area of business for us,” Donnelly says, noting that his group has expanded its focus in that direction. “Strong bidding interest in properties like 266 Harristown Rd. illustrates the potential of this niche.”