Morgan Stanley, Zelis Lease 170k sq ft in Downtown Morristown at Former AT&T Campus

Image

Courtesy of Real Estate NJ.


Onyx Equities is detailing two significant deals at a newly overhauled, 400,000-square-foot office building near downtown Morristown, where it has leased a combined 170,000 square feet to banking giant Morgan Stanley and health care technology company Zelis.

The company on Monday announced the transactions at 340 Mount Kemble Ave. in Morris Township, which includes a 116,578-square-foot commitment by Morgan Stanley and a 53,295-square-foot lease by Zelis. Both are slated to move to the building next year, following Onyx’s $50 million gut renovation and modernization of the former AT&T campus near Route 202 and Interstate 287.

JLL’s Tim Greiner and Blake Goodman represented ownership in the deals, which leave the property with only 22,760 square feet of available space. Jason Benson and Bob Ryan of JLL represented Morgan Stanley, while John Coakley and Dennis Gralla of Cresa represented Zelis.

As we see a shift back to the office, we understand the importance of delivering a thoughtful and community-minded work environment that attracts top-tier employee talent and helps to rebuild corporate culture for this new chapter,” said John Saraceno Jr., co-founder and managing principal of Onyx Equities. “At 340 Mount Kemble, we’ve revolutionized the office experience from the outside-in by adding in-demand amenities, modern glass curtain walls, individualized HVAC systems, and more — all in Morristown, one of New Jersey’s most desirable commuter locations.”

According to a news release, Onyx purchased the property in 2016, giving way to a redevelopment program that included a new glass curtain wall façade, window and roof replacements, and a sweeping new site and landscape plan. 

The project also created a new 25,000-square-foot amenity wing, which boasts a commercial-grade fitness center, a full-service cafeteria, a conference center, and game and social lounges.

Upgrades to the property totaled more than $125 per square foot, Onyx said, adding that it was mid-construction and mid-pandemic when it determined the need to provide separate HVAC systems for each tenant. The developer also continues a partnership with Hackensack Meridian Health to ensure that it maintains operations in the most health-conscious manner possible at 340 Mount Kemble and throughout its portfolio.

The firm announced in fall 2019 that financial services firm CIT Group had leased 200,000 square feet at the property, but multiple reports in recent months have said the company has listed the space for sublease.

Onyx has become known for delivering forward-thinking office environments in prime commuter locations, and 340 Mount Kemble is the perfect example of what today’s companies are looking for,” said Greiner, an executive managing director with JLL. “We are thrilled to add to an already impressive tenant roster as we welcome Morgan Stanley and Zelis in 2023.”



Morristown Minute has been approved for the 2022 Local News Fund!*

Our reporters will be dedicating time and resources to investigating the roadblocks to mental health accessibility in our town.

Donate to our campaign today!

Text "MORRISTOWNMH" to 53-555.

Scan or click to donate!

*The 2022 Local News Fund is a program administered by the Local Media Foundation, a 501(c)(3) organization affiliated with the Local Media Association. The purpose of the program is to allow independent and family-owned news organizations to solicit tax-deductible donations from their communities for journalism projects that focus on critical local issues. Contributions to this program are tax-deductible to the full extent of U.S. law; please consult a tax advisor for details.

3
I'm interested (1)
I disagree with this
This is unverified
Spam
Offensive

Replies