Russo Development and Onyx Equities have purchased 62 acres at Route 10 and Ridgedale Avenues from Novartis Corporation with plans to eliminate 900,000 square feet of vacant office buildings to make way for 826,800 square feet of modern industrial space.
The site is currently a part of the Novartis 202-acre US headquarters campus. The development will be one of the largest new industrial projects in Morris County.
“We are excited to redevelop a portion of one of northern New Jersey’s premier sites into a first-class industrial project,” said Edward Russo, CEO of Russo Development. “We appreciate the opportunity to work with East Hanover Township and Novartis as the company transforms its East Hanover campus to a more flexible and collaborative workplace design.”
“This project reflects Onyx’s strong track record of repositioning large corporate campuses and growing industrial pipeline, and will bring new jobs, businesses and commerce to East Hanover,” said John Saraceno, Jr., Co-Founder and Managing Principal for Onyx Equities. “Morris County is a jewel for commercial uses of all types because of its extensive highway system and pool of highly qualified, skilled labor.”
Work will start in early 2022 with ground-breaking on two buildings ranging between 300,000 and 500,000 square feet before year end.
This is the second joint venture between Onyx Equities and Russo Development who are currently building Vermella Woodbridge, a mixed-use project with 500 apartments and 23,000 square feet of retail space, situated on 26 acres in Woodbridge Township, acquired from Hess Corporation in 2020.
In addition to East Hanover, Russo and its partners have over six million square feet of industrial projects ranging from 200,000 to three million square feet planned in various communities including Montville, Mahwah, Kearny, Lyndhurst, and Woolwich. Onyx is also developing millions of industrial square feet throughout New Jersey and Long Island.
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