Onyx Equities partnership acquires 670,000 s/f Jericho Plaza complex

Interior rendering, One Jericho Plaza - Jericho, NY

Jericho, NY According to Oxford & Simpson, Jericho Plaza, the 670,000 s/f, class A, two-building office complex is now under new ownership with a renovation plan in process. Onyx Equities has partnered with SL Green Realty Corp., Taconic Capital, and Triangle Capital Group, to formulate a comprehensive, multi-million dollar capital improvement plan for both buildings. The renovations, slated for completion at the end of the 4^th quarter 2016, will include renovated lobbies, upgraded common area finishes, improved outdoor landscaping, six new car charging stations, and the creation of a new conference center amenity known as the “Jericho Plaza Conference Hub.”

In a statement from Paul Amoruso, managing director of Oxford & Simpson Realty, and exclusive leasing agent for Jericho Plaza, he said, “This property offers arguably the best location on all of Long Island, only 20 minutes from LaGuardia or JFK, with access to all the major roadways, and high visibility from the Long Island Expressway. It’s close enough to the city to recruit from the boroughs, while still pulling from the east-end talent pool. The tenant roster is first class, housing Fortune 500 companies, including Deloitte, Ernst & Young, Morgan Stanley, Liberty Mutual, IBM, Berdon LLP, and Arthur J. Gallagher, amongst many others. These new renovations demonstrate the ownership’s commitment to maintaining the complex’s long-established reputation in the Long Island marketplace, while the property provides an escape route from the high office rental rates in Brooklyn, Queens, and Manhattan.”

DJ Venn, Onyx Equities’ senior vice president of asset management, said, “Jericho Plaza is a prime example of our value-add investment strategy. We are in the business of repositioning assets to offer class-A work space. Through this capital improvement program, we are excited to be able to offer current and future tenants with the environment and services they need to operate more efficiently & grow their businesses. Regarding the tenant build-out process, our first-rate, construction management team now has the ability to offer collaborative, virtual tours of test-fits. We stand at the ready to seamlessly deliver space to businesses looking to service the Long Island market.”

Built during the late 1970s by world-renowned architect, Michael Spector, Jericho Plaza is one of the most widely recognized office complexes on Long Island. These renovations will breathe new life into the property, creating greater value for both prospective and existing tenants.