Joint Venture of Onyx Equities and Rubenstein Partners Acquires 211 Mount Airy Road in Basking Ridge, N.J.
A joint venture of Onyx Equities, LLC and Rubenstein Partners today announced the acquisition of 211 Mount Airy Road, a 282,000-square-foot, Class A office building in Basking Ridge, N.J.
Since 2001, 211 Mount Airy Road has been owned by business communications provider Avaya. As part of the transaction, Avaya consolidated their operations into 135,000 square feet, and new ownership will have maximum leasing flexibility to market the asset to both full and partial tenant users.
The property features highly efficient floor plates, signage opportunities, and an abundance of amenities, including a cafeteria, fitness center, conference facility and an auditorium. The venture plans to invest significant capital including replacing a portion of the building’s façade, expanding window lines, and upgrading the signage, lobby, cafeteria, bathrooms and amenity spaces.
“We view this as a strategic opportunity to acquire a meticulously maintained, headquarter quality asset,” Onyx Senior Vice President of Investments Stephen Sullivan said. “Upon completion of our capital improvement program, 211 Mount Airy Road will offer prospective tenants the highest quality product with an outstanding amenity package at very competitive rental rates.”
Situated on approximately 52 acres, 211 Mount Airy Road is strategically located directly off a full interchange of I-287. The property is easily accessible to major highways including I-287 and I-78, providing convenient access to a highly skilled labor pool.
“Both Onyx and Rubenstein have exemplary records when it comes to executing on value-add transactions in New Jersey,” Sullivan said. “By leveraging our local market knowledge and relationships, we anticipate creating substantial value through the repositioning and lease-up of the property.”
David Rubenstein, Senior Managing Principal of Rubenstein Partners, noted: "This acquisition is an exciting opportunity to leverage our experience as an owner-operator of office assets and to utilize our fully integrated platform in combination with a top-tier operating partner in Onyx, with whom we have been attempting to partner with for several years."
About Onyx Equities, LLC
Headquartered in Woodbridge, New Jersey, Onyx Equities, LLC is a leading private real estate investment, management and development firm. Since its founding in 2004, Onyx has acquired more than $1 billion worth of real estate assets across the tri-state region. The company currently owns, manages or is the appointed receiver for 21 million square feet of office, retail, industrial, and self-storage properties located in New Jersey, New York, Connecticut and Pennsylvania. For more information on Onyx Equities, contact the firm at 732-362-8800, or visitwww.onyxequities.com.
About Rubenstein Partners
Rubenstein Partners, founded in September 2005, is a private real estate investment management and advisory firm with operations throughout the Eastern United States. The firm is led by David Rubenstein and a group of senior real estate executives, and is focused on directing and managing value-added office real estate investments, primarily in the Eastern United States. Rubenstein Partners’ predecessor company, The Rubenstein Company, LP and affiliates, was founded in 1969, and was one of the largest private owner operators of Class A office real estate in the Mid-Atlantic, owning and operating a portfolio of assets valued at approximately $1.2 billion at the time of its disposition in 2004. Since 2005, Rubenstein Partners has, on behalf of its investors and clients, invested in more than 8,500,000 sq. ft. of office real estate assets located in the following markets: New England; New York Metro, Mid-Atlantic; Midwest and the Southeast. For more information, visitwww.rubensteinpartners.com.