New Vernon Equities Invests $20M in East Hanover Arena Campus Redevelopment

EAST HANOVER — A major office and technology campus redevelopment is taking shape in East Hanover as New Vernon Equities advances work on Arena, a 600,000-square-foot workplace destination near Novartis’ northeast headquarters.

JLL announced that New Vernon Equities has invested more than $20 million over the past year to reposition two vacant office towers at 20 and 40 Arena Way. The buildings total 350,000 square feet and are part of the larger Arena campus redevelopment. JLL is serving as the exclusive marketing and leasing agent for the properties.

Since acquiring the buildings from Novartis, New Vernon Equities has separated the properties from the pharmaceutical company’s downsized campus. Improvements include new roadways, independent site access, standalone utility infrastructure, upgraded landscaping, outdoor meeting areas and hospitality-style gathering spaces.

The buildings also feature new HVAC systems and a modern building management system. The property holds LEED Gold certification and has been converted to all-electric operations.

Interior renovations and next-generation common area amenities are now being finalized, with plans expected to be submitted in the second quarter of 2026 and work scheduled for completion this summer.

The full Arena campus spans more than 40 acres and will include six buildings totaling 600,000 square feet of office, research and development, technology and light manufacturing space.

New Vernon Equities also acquired nearby properties, including 30 Farinella Drive, a 75,000-square-foot building leased to GenScript for GMP pharmaceutical manufacturing; 31 Farinella Drive, an approximately 50,000-square-foot tech/flex building available for lease; and 80 Arena Way, a 120,000-square-foot tech/flex building expected to begin construction in summer 2026.

“It is rare in today’s office market to see a developer invest this aggressively on a speculative basis,” said Tim Greiner, JLL executive managing director. “New Vernon Equities is delivering infrastructure, sustainability and amenity upgrades that position Arena to compete at the highest level for life sciences, pharmaceutical and innovation-driven users.”

Arena is located near Route 10 and Ridgedale Avenue, with access to Route 10, Route 24, I-287 and Morristown Airport.