JLL Capital Markets aarranged $147.72 million in financing for a 10-property office portfolio totaling 1.5 million square feet in Morris County, New Jersey.
JLL worked on behalf of the borrower, a joint venture between Onyx Equities, Taconic Capital Partners, Axonic Capital and Machine Investment Group, to secure the three-year, floating-rate loan provided by funds managed by the Real Estate Group of Ares Management Corporation.
Loan proceeds were used to acquire the portfolio from Mack-Cali. The sale transaction was represented by JLL’s Capital Markets team.
The portfolio consists of nine assets in Parsippany: 1, 3, 5 and 7 Sylvan Way (pictured top); 4, 6 and 8 Campus Drive; 2 Hilton Court and 11 Dryden Way, and 1 Giralda Farms in Madison. Parsippany and Madison are located in Morris County, which is part of the Northern New Jersey office market, which, with more than 152 million square feet, is the 17th largest office market in the United States.
The portfolio is 84 percent leased overall to a diverse tenancy including national credit and local tenants.
The JLL Capital Markets team representing the borrower included Steven Klein, Christopher Peck, Michael Klein, Jose Cruz and Alex Staikos.
“This is a best in class sponsorship team that is unrivaled in its ability to maximize value in suburban office assets,” Klein said. “Under this ownership, the portfolio is extremely well positioned to benefit from tenants seeking high-quality office space in a strong location.”
