NJM ink 53,000 sq. ft. Lease For Insurer’s New Home in Parsippany
Onyx Equites has leased 53,000 square feet in Parsippany to NJM Insurance Group, securing another tenant for a newly renovated, five-building office campus off Route 202.
According to the landlord, NJM is moving to 1 Sylvan Way from its longtime home at an adjacent building. Its new space will be part of what’s known as The Arbors @ Parsippany, where Onyx has added amenity spaces such as a high-end 5,200-square-foot fitness center, three cafes, conference facilities, outdoor dining areas and recreational spaces.
JLL represented both parties in the deal. RockBrook is the MEP engineer for NJM’s new space, working alongside architects with Studio 1200.
“Some of the largest, most successful brands in the world have chosen to locate in Parsippany, like NJM, and we are proud to be their home,” Mayor James R. Barberio said. “We are actively working to attract those who are building the future and appreciate Onyx Equities forward-looking strategy because these businesses are the backbone of our economy and the cornerstone of our community.”
The deal follows Onyx’s $15 million overhaul of the 60-acre, 750,000-square-foot portfolio just north of Route 10, which also includes 3 and 5 Sylvan Way and 4 and 6 Campus Drive. That has fueled recent leasing activity such as an 11-year commitment by law firm Fein, Such, Kahn & Shepard PC, along with renewals by Ricola USA, Robert Half International and others.
The upgrades have capitalized on a site that also has 1.5 miles of paths for walking, biking and hiking and is about two miles from interstates 80 and 287.
“Our strategy to transform well-located office buildings into technologically advanced and aesthetically pleasing spaces is yielding positive results, even in a challenging market,” said Jonathan Schultz, an Onyx Equities co-founder and managing principal. “Moving here provides companies with a remarkable office environment, which is a significant advantage in attracting and retaining top talent in today’s competitive job market.”
Updates at The Arbors include new roofs, rooftop HVAC systems, new amenity spaces and redesigned entryways with open multi-story granite and glass atriums, according to a news release. Meantime, the campus recently hosted a Fall Fest that brought together more than 500 tenants and their families for a day filled with food trucks, music and other engaging activities.
“After a careful and thoughtful analysis, NJM decided that The Arbors met all our requirements,” said Christopher Malone, senior vice president and chief financial officer of the NJM Insurance Group. “It provides our employees with an upgraded and modern environment and enables NJM to remain in Parsippany, which has been our North Jersey home for over 25 years. We look forward to occupying our new space and believe it will provide an enhanced workspace for our employees as they serve the needs of our policyholders.”