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For the second year in a row, Onyx Equities is kicking off the new calendar with a high-profile lease at The Arbors @ Parsippany. The deal also marks the second longstanding law firm to move its base out of Morristown in recent months.

Woodbridge-based Onyx announced Jan. 17 Porzio, Bromberg & Newman PC signed a 16-year, 43,101-square-foot lease at 5 Sylvan Way in Parsippany.

The firm will move its headquarters from 100 Southgate Parkway in Morristown, the city it’s called home since its founding in 1962.

“Our firm has been in Morristown for its entire existence, so it took something spectacular to lure us to a new location, admittedly only a few miles away,” commented Porzio Managing Principal Vito Gagliardi Jr.  “The attraction to us goes beyond the physical office and includes the entire campus and the extraordinary professionals at Onyx.  I would like to thank my colleagues Carmen Andrade, Diane Averell, Nick Drappi, and Phil Siana for so capably leading the team that negotiated our new lease.  We look forward to moving our headquarters to The Arbors.”

Onxy Equities completed a $15 million capital improvement campaign at The Arbors @ Parsippany in 2023. Along with updated amenities, the bucolic five-building campus offers NJ Transit shuttle service and connectivity to major roadways.

According to the full-service real estate firm, the influx of tenants to the updated 60-acre property totals 89,000 square feet.

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In December, law firm Einhorn, Barbarito, Frost, Botwinick, Nunn & Musmanno PC leased nearly 25,000 square feet at The Arbors @ Parsippany.

The moves – and reasons behind them – highlight trends driving the current office market, including a flight-to-quality, accessibility and activity from attorneys.

Signing nearly 40% of leases, legal services represented the busiest sector in the closing months of the year, according to JLL’s new fourth quarter office report for 2024. In fact, law firms comprised three out of the four largest deals for the period, the report said. JLL noted movers, like Riker Danzig, for “capitalizing on multimillion-dollar renovations” with their new leases.

“We are thrilled to welcome Porzio, Bromberg & Newman to The Arbors, a clear indication of the growing interest in our modernized working and amenity spaces that continue to attract great companies eager to be part of an energetic campus atmosphere,” said Onyx Equities’ co-founder and Managing Principal Jonathan Schultz.” This achievement underscores Onyx Equities’ dedication to creating exceptional collaborative environments across our office portfolio and signals exciting opportunities for future growth.”

Cushman & Wakefield Executive Director Josh Cohen represented the tenant and JLL represented Onyx Equities.

The Arbors includes in-demand lifestyle amenities, such as a 5,200-square-foot fitness center, three cafés, conference centers, social lounges, outdoor dining spaces and recreational areas, along with regular event programming. The campus also includes 1.5 miles of walking, biking and hiking paths. Nearby roadways include Interstates 80, 280 and 287; U.S. Routes 46 and 202; and New Jersey Routes 10 and 53.

Despite the losses, Morristown has also gained corporate tenants recently, such as KPMG signing on in a move from Short Hills.

To kick off 2023, NJM Insurance took 53,000 square feet at Onyx’s Parsippany campus. In November 2024, Aerotek also joined the roster.

In the latest announcement, the firm highlighted recent additions to its roster:

• RR Donnelley & Sons — 1,739 square feet
• Tiger Advisory — 3,426 square feet
• Resources Connection — 3,057 square feet
• Tronex — 7,400 square feet for a new headquarters at 5 Sylvan
• GYL Financial — relocating from a nearby building to 6,050 square feet at 4 Campus
• Cablevision Lightpath — 6,000 square feet at 5 Sylvan
• Liberty Mutual — moving into 2,000 square feet at 4 Campus
• Wealth Enhancement — 4,885 square feet

More headquarters moves:

• BioCentriq strikes deal for Princeton HQ, manufacturing facility (updated)
• Dresdner Robin relocates Jersey City HQ