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Office Market

Cushman & Wakefield to tout New Jersey portfolio to millennial workers

Cushman & Wakefield has been named exclusive leasing agent for a four-building, 850,000 s/f Bergen County office portfolio.

A joint venture of Onyx Equities and Garrison Investments recently purchased the properties – located in Paramus and Rochelle Park. Planned capital improvements will create a critical mass of modernized office space in a range of unit sizes and price points.

“With this portfolio acquisition, Onyx and Garrison have become the largest – and arguably most diversified – office landlords in Bergen County,” noted Cushman & Wakefield’s Marc Trevisan, executive managing director, who is heading the assignment with David DeMatteis, Mark Zaziski and William O’Keefe.

The assets are located at 365 and 395 West Passaic Street in Rochelle Park, and 15 East Midland Ave. and 461 From Road in Paramus.

The Cushman & Wakefield team also represents Onyx and Garrison as leasing agents for Country Club Plaza on Century Road in Paramus, for a total local representation of 1.1 million square feet.

According to DeMatteis, the Onyx/Garrison partnership will implement a program of upgrades that will leverage its new properties’ superior locations in the heart of New Jersey’s most densely populated county.

“Bergen County houses a deep labor pool and a concentration of high net-worth residents, but much of its office product is dated,” he noted.

“At the same time, demand is rising as millennial workers – who today comprise 60 percent of the professional population – begin to expand their families and move back to the suburbs. Onyx and Garrison will bring these buildings to a level of fit and finish that will appeal to these lifestyle-focused employees while at the same time offering a range of choices for employers.”

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