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Merck’s Former Headquarters Campus Trades to JV in Sale-Leaseback
A joint venture between Onyx Equities and Machine Investment Group has acquired Merck Sharp & Dohme’s 108-acre former world headquarters in Kenilworth, NJ for an undisclosed sum. The closing represents one of the largest New Jersey office and life sciences transactions in history.
The JV will market the site’s laboratories and support facilities to biotechnology, pharmaceutical and technology companies. Merck will lease back the entirety of the historic site, vacating in phases over the next several years as it relocates to Rahway, NJ.
“The life sciences industry is surging, and its rapidly developing technology requires new specialty facilities,” said John Saraceno, Jr., Onyx Equities co-founder and managing principal. “The Merck campus represents an opportunity to host blue chip companies that will benefit from proximity to New Jersey and New York’s highly educated workforce.”
Merck was represented by JLL’s Dan Loughlin, Jose Cruz, and Kevin O’Hearn. Onyx’s development team handled the transaction internally.
- ◦Sale/Acquisition
