New Vernon Equities completes exterior upgrades for transformative new development in East Hanover, N.J.

EAST HANOVER, N.J., May 28, 2026 – JLL announced today that work is progressing at Arena in East Hanover, NJ, on one of the region’s most notable office/technology complexes. New Vernon Equities has committed more than $20 million over the past year to reposition two vacant office towers adjacent to Novartis’ northeast headquarters in Morris County into a modern, amenity-rich workplace destination.

The locally based investment group is nearing completion of extensive exterior and infrastructure upgrades at 20 and 40 Arena Way, totaling 350,000 square feet, as part of its larger 600,000-square-foot Arena campus redevelopment. JLL has been retained as exclusive marketing and leasing agent for 20 & 40 Arena Way.

Since acquiring the buildings from Novartis, New Vernon Equities has undertaken a comprehensive physical and operational separation of the assets from the pharmaceutical company’s downsized campus. Improvements include construction of new roadways to establish independent site access and the creation of standalone utility infrastructure, replacing a previously shared campus-wide central plant facility.

The developer is also completing significant site enhancements, including elevated outdoor meeting areas, hospitality-driven gathering spaces and upgraded landscaping designed to activate the campus environment. The buildings now feature new state-of-the-art HVAC systems and a modern building management system. The property holds a LEED Gold certification and has been successfully converted to all-electric operations, achieving the RE100 certification.

With exterior and systems upgrades substantially complete, New Vernon Equities is finalizing designs for interior renovations and next-generation common area amenities. Plans are complete and will be submitted in the second quarter of 2026, with work to be completed 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,” 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.”

Arena spans over 40 acres and ultimately will comprise six buildings totaling 600,000 square feet of office and R&D/tech and light manufacturing spaces. The campus is designed to foster collaboration, well-being and community engagement, featuring multiple outdoor activation zones and shared gathering spaces.

New Vernon Equities previously acquired four surrounding properties, including 30 Farinella Dr., a 75,000-square-foot building fully leased to GenScript for GMP pharma manufacturing; 31 Farinella Dr., a 48,8350-square-foot tech/flex building currently available for lease; and 80 Arena Way, a 120,000-square-foot tech/flex building scheduled to start construction in Summer 2026.

The JLL leasing team 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,” said Greiner. “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 in the southeast quadrant of the intersection of Route 10 and Ridgedale Avenue in East Hanover, offering immediate access to Route 10, Route 24 and I-287, as well as proximity to Morristown Airport. The surrounding corridor features a wide range of dining, retail and recreational amenities.

JLL is a leader in the New York tri-state commercial real estate market, with more than 2,600 of the most recognized industry experts offering brokerage, capital markets, property/facilities management, consulting, and project and development services.

For more news, videos and research resources visit JLL’s newsroom.

Founded in 2019 by Michael Petillo, Michael Mackessy and Peter Gilpatric, NVE acquires, develops and manages properties that offer enhanced community environs consistent with local master plans and zoning. Projects create local economic development opportunity and deliver tenant satisfaction with innovative and sustainable spaces. New Vernon Equities generates exceptional returns for Principals, partners and investors.