Russo, Onyx Plan 827K-square-foot Industrial Facility in East Hanover

In one of the largest new industrial projects in Morris County Russo Development and Onyx Equities have purchased 62 acres at Route 10 and Ridgedale Avenue in East Hanover, from Novartis.

EAST HANOVER — Russo Development and Onyx Equities are planning to bring big changes to a portion of Novartis’s 202-acre U.S. headquarters on Route 10 and Ridgedale Avenue.

On December 13, the partners announced purchasing 62 acres from the pharmaceutical company at Route 10 and Ridgedale Avenue. There, they’ll eliminate 900,000 square feet of vacant office space to build up 826,800 square feet of industrial space.

The site is currently a part of the Novartis 202-acre U.S. headquarters campus.

“We are excited to redevelop a portion of one of northern New Jersey’s premier sites into a first-class industrial project,” said Russo Development CEO Edward Russo. “We appreciate the opportunity to work with East Hanover Township and Novartis as the company transforms its East Hanover campus to a more flexible and collaborative workplace design.”

“Morris County is a jewel for commercial uses of all types because of its extensive highway system and pool of highly qualified, skilled labor,” said John Saraceno, Jr., managing principal for Onyx Equities.