In one of the region’s most ambitious suburban office repositioning projects, New Vernon Equities (NVE) has committed more than $20 million over the past year to transform two vacant office towers into a state-of-the-art tech and workplace destination known as “Arena.”
JLL, the exclusive marketing and leasing agent for the property, announced Thursday that extensive exterior and infrastructure upgrades are nearing completion at 20 and 40 Arena Way. The two buildings encompass 350,000 square feet of the larger 40-acre, 600,000-square-foot Arena campus development.
The sprawling corporate complex, situated adjacent to Novartis’ downsized northeast headquarters in Morris County, is being fundamentally reimagined for the modern, innovation-driven workforce.
Since acquiring the commercial assets from Novartis, the locally based investment group has executed a full physical and operational separation from the pharmaceutical giant’s footprint.
Key structural and eco-friendly infrastructure upgrades completed include:
- Autonomous Logistics: Construction of new roadways to establish entirely independent site access.
- Decentralized Utilities: Creation of standalone utility systems to replace the previously shared campus-wide central plant facility.
- All-Electric Modernization: Conversion to 100% all-electric operations, helping the site achieve RE100 certification alongside its existing LEED Gold status.
- Climate Systems: Installation of new, state-of-the-art HVAC networks managed by a modern building management system.
The developer is also wrapping up expansive site enhancements designed to activate the campus. The exterior footprint now boasts elevated outdoor meeting areas, upgraded landscaping, and hospitality-driven gathering spaces.
With the shell and core infrastructure substantially complete, NVE is preparing to submit interior renovation designs in the second quarter of 2026, with construction on next-generation indoor amenities slated for completion this summer.
“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,” Peter Gilpatric, founder of New Vernon Equities said. “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.”
Ultimately, the Arena campus will comprise six buildings blending high-end corporate office, R&D/tech, and light manufacturing capabilities.
New Vernon Equities has proactively secured several surrounding properties to feed into the ecosystem. The full campus composition includes:
| Building Asset | Size (SF) | Asset Type / Current Status |
| 20 & 40 Arena Way | 350,000 SF | Office/Tech Towers; Speculative upgrades finishing |
| 30 Farinella Dr. | 75,000 SF | Fully leased to GenScript for GMP pharma manufacturing |
| 31 Farinella Dr. | 48,350 SF | Tech/flex building; Currently available for lease |
| 80 Arena Way | 120,000 SF | Tech/flex building; Construction starting Summer 2026 |
The JLL leasing team spearheading the assignment includes Executive Managing Directors Tim Greiner and Blake Goodman and Executive Vice President Colleen Maguire.
“It is rare in today’s office market to see a developer invest this aggressively on a speculative basis,” Greiner said. “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.”
Strategically located at the intersection of Route 10 and Ridgedale Avenue, the campus grants immediate transit access to Route 24 and I-287, while sitting just minutes away from the Morristown Airport and the corridor’s deep pool of retail and dining options.
