December 22, 2009 - Onyx Equities, LLC recently completed a building sale and a handful of lease renewals at its three building, 230,969 square foot Edison Square Office Park here. Among the completed transactions, which total 109,107 square feet, was the sale of the 67,000 square foot 2045 Lincoln Highway to the Conti Group.

The Conti Group plans to utilize the space as its executive headquarters. Paul Giannone, Kevin Carton, Paul Hindes, Dan DePalma and Todd Elfand of Jones Lang LaSalle represented both the buyer and the seller in this transaction.

In addition, Onyx Equities executed the following four office lease transactions at 2035 Lincoln Highway:

• L&T Infotech expanded and extended the term for its current space by 12,785 square feet, bringing the company to a total of 31,303 square feet. Kevin Carton and Todd Elfand of JLL represented L&T Infotech on this transaction.
• Birlasoft, Inc. consolidated its operations and renewed for 5,854 square feet. Sean Brady of Cushman & Wakefield represented Birlasoft on the renewal.
• Janney Montgomery Scott LLC renewed its existing 4,170 square foot lease.
• Kale USA signed a new lease for 870 square feet.

Built in 1984, all three of the buildings were renovated in 2008 to include new lobby interiors, lighting, modernized restrooms, courtyard landscaping, parking lot improvements and exterior and interior signage.

"There is no question that it is becoming increasingly more difficult to complete deals, especially if you do not have access to the right tools and platform in the commercial real estate market," says Michael Nevins, vice president of asset management at Onyx Equities. "The fact that these transactions are renewals highlights the fact that we have provided these tenants with all the tools that an office space can provide in order for a company to succeed."

The company declined to provide both the building sale price or rental rates, but according to a recent FirstService Williams market report, Middlesex County rents are hovering at $22.61, with a total availability of 29.26%, the second highest Central New Jersey vacancy rate, behind only Somerset. According to FirstService, tenant leases for less than 15,000 square feet led activity in the county.