Cushman & Wakefield announced a milestone sale in Morristown it says represents the largest suburban multi-tenant office trade in the state so far in 2025, and for 2024.

First Mile Capital, an affiliate of Crown Acquisitions, acquired 340 Mount Kemble Ave. CushWake said Jan. 29 it arranged the sale of the 439,059-square-foot trophy office building in Morris County on behalf of the sellers, Onyx Equities and PCCP.

Executive Vice Chairs David Bernhaut, Gary Gabriel and Andy Merin; Executive Director Frank DiTommaso and Senior Financial Analyst Bill Baunach of CushWake represented the sellers. Brad Domenico of Cushman & Wakefield’s Equity, Debt & Structured Finance group arranged acquisition financing on behalf of the buyer. Societe Generale provided the loan.

Onyx and PCCP acquired the Class A building in 2016. Plans to renovate 340 Mount Kemble Ave. followed in 2017, later resulting in $50 million in renovations.

Upgrades included a new glass façade and HVAC system, as well as a revamp of the full-height atrium lobby, common areas and restrooms. In addition to a full-service cafeteria, the office building’s amenity features also include a modern coffee lounge/bar, fitness center, conference facility and more.

‘A monumental sale’

Cushman & Wakefield said 340 Mount Kemble boasts an occupancy rate of over 94%.

“340 Mount Kemble represents a monumental sale in today’s office environment and will likely remain as one of the largest suburban office transactions in the U.S. in recent times,” said Bernhaut. “Onyx and PCCP did an exceptional job repositioning this former corporate facility, essentially rebuilding it from the inside out.”

“The caliber of tenancy that 340 Mount Kemble has attracted is a testament to sponsorship. First Mile Capital will benefit from long-term, investment-grade cash flow while planting a flag in one of the region’s top-performing submarkets,” added DiTommaso.

The Morris County office sector has benefited from its strategic position and high-end product, as users seek updated spaces. Within the region, Onyx has also attracted tenants to its updated property The Arbors @ Parsippany.

340 Mount Kemble offers easy access to Route 202 and Interstate 287. Additionally, it is minutes from the Morristown Train Station.