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Onyx Forms New Partnership to Kick Off Redevelopment of Former New Jersey Merck HQ Campus

| Commercial Real Estate News, Development, Featured, Office| Views: 0

Woodbridge, N.J.-based Onyx Equities, LLC (Onyx) recently announced its partnership with real estate investment and development firm Outshine Properties to serve the next phase of evolution for the NEST campus into a world-class biotechnology and life sciences hub.

Located in Kenilworth, N.J., the campus was previously the global headquarters of healthcare company Merck Sharp & Dohme, LLC. Following its acquisition by Onyx and Machine Investment Group, LLC in 2023 in what was estimated to be one of the largest office and life sciences deals in New Jersey history, Onyx revealed plans to upgrade the asset into what has been dubbed the Northeast Science and Technology (NEST) Center.

Now that Merck has vacated all but one building on the campus, Onyx, and its new partner are ready to implement a strategy for renovating and leasing the office and life sciences campus.

The first on-campus element to undergo renovation this year is the building at 11 Nest Drive — branded 11 NEST — which will deliver a 280,000-square-foot pilot research and development facility that’s designed to meet the specific needs of life sciences companies, particularly those engaged in biomanufacturing.

Jonathan Scheinberg, managing principal and founder of Outshine Properties, will provide leasing and asset management advisory services to the NEST campus.

“The caliber of current lab and biomanufacturing space and related infrastructure at NEST is unparalleled nationally,” Scheinberg said. “Merck spared no expense in the build-out and infrastructure redundancy of its world headquarters. The partnership between Onyx Equities — one of the nation’s premier commercial real estate organizations — and Outshine Properties, real estate industry leaders in life sciences assets, will ensure the campus is primed and ready for the world’s most innovative companies to pursue the next stages of global research and development.”

“With a commitment to fostering innovation, the NEST Center is poised to become a vibrant ecosystem where ideas flourish and translate into real-world solutions,” said Matthew Flath, senior vice president of asset management at Onyx Equities. “When complete, the campus will be prime for startup incubation, educational research, and even talent acquisition from regional colleges and universities. NEST is not merely a physical space. It represents a paradigm shift, propelling educational, entrepreneurial, and employment landscapes into a future defined by excellence and ingenuity.”

Specializing in investment, asset repositioning, and ground-up development, Onyx has acquired more than $4 billion worth of diverse real estate assets throughout New Jersey, New York, and Pennsylvania since its founding in 2004. Under its signature repositioning program, the firm has so far executed more than $1 billion in capital improvement projects.

Outshine Properties was founded in 2020 with a focus on life sciences and knowledge-economy assets. The firm has invested nationwide and boasts extensive expertise and a successful track record of acquiring, repositioning, and managing more than 7 million square feet of life sciences and mixed-use projects.

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