Onyx Equities announced that Alliant Technologies, LLC has signed a 19,602 s/f lease at Mount Kemble Corporate Center, a two-building, Class A office complex located at 350-360 Mount Kemble Avenue in Morristown, N.J.
In 2013, a joint-venture partnership of Onyx and Artemis Real Estate Partners acquired the 229,500 s/f complex with plans to reposition and reintroduce it to the marketplace as a high-quality, low-cost alternative to the other Class A properties in the Morristown submarket.
Capital improvements included upgrades to its landscaping, concrete walkway, parking lot and bathrooms, and a power washing of the buildings’ facades.
The complex, which features a full-service cafeteria and 24/7 key card access, is among the most modern office buildings currently in the market.
Onyx Equities senior vice president of Asset Management Jared Minatelli and senior vice president of leasing Adam Karafiol represented ownership in the transaction, while the Cushman & Wakefield team of executive vice president Marc Trevisan and broker Mark Zaziski represented the tenant.
Karafiol said, “By recapitalizing and repositioning the complex, we’ve provided it with a distinct competitive advantage over much of Morristown’s office stock, which was developed in the 1970s and 1980s, making it functionally obsolete. In light of the positive momentum we’ve experienced, we expect the remaining 60,000 square feet of vacancy to lease up quickly.”
Built in 2001, Mount Kemble Corporate Center is also home to companies such as Coughlin Duffy Kelly, The Willis Group, Liberty Mutual, Taisho Pharmaceutical and Massey Quick.