East Hanover Office Towers Get $20M Makeover As Developer Bets On Pharma Market

EAST HANOVER, NJ - A locally based developer has poured more than $20 million into repositioning two vacant office towers adjacent to Novartis' northeast headquarters in East Hanover into a modern, amenity-rich workplace destination, with a commercial real estate firm now marketing the property to life sciences and pharmaceutical tenants.

New Vernon Equities is nearing completion of extensive exterior and infrastructure upgrades at 20 and 40 Arena Way, totaling 350,000 square feet, as part of a larger 600,000-square-foot Arena campus redevelopment. JLL has been retained as exclusive marketing and leasing agent for the two buildings.

Since acquiring the properties from Novartis, New Vernon Equities has undertaken a comprehensive separation of the assets from the pharmaceutical company's downsized campus, including construction of new roadways to establish independent site access and creation of standalone utility infrastructure to replace a previously shared central plant facility. The buildings now feature new HVAC systems, a modern building management system, LEED Gold certification, and have been converted to all-electric operations with RE100 certification.

Site enhancements include elevated outdoor meeting areas, hospitality-driven gathering spaces, and upgraded landscaping. Interior renovations and next-generation common area amenities are currently being finalized, with plans set for submission this summer and work expected to be completed by fall.

"At a time when very few vacant office assets are seeing this level of proactive investment, NVE is committed to delivering a best-in-class campus experience before securing a single tenant," said Peter Gilpatric, founder of New Vernon Equities. "Arena is designed to meet the expectations of today's workforce with modern systems, meaningful outdoor environments and collaborative amenities that simply do not exist in traditional suburban office settings."

JLL Executive Managing Director Tim Greiner echoed that assessment. "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," he said.

The full Arena campus spans more than 40 acres and will ultimately comprise six buildings totaling 600,000 square feet of office, R&D, tech, and light manufacturing space. New Vernon Equities previously acquired four surrounding properties, including 30 Farinella Drive, a 75,000-square-foot building fully leased to GenScript for GMP pharmaceutical manufacturing, and 80 Arena Way, a 120,000-square-foot tech/flex building scheduled to begin construction this summer.

Arena is located at the intersection of Route 10 and Ridgedale Avenue, with access to Routes 10 and 24 and Interstate 287, as well as proximity to Morristown Airport.

Have a correction or news tip? Email sarah.salvadore@patch.com