JERSEY CITY, NJ—Onyx Equities,LLC and Rubenstein Partners, L.P. haveunveiled specifics of a $20 million redevelopment project at30 Montgomery Street in Jersey City, NJ, a15-story, 320,000-square-foot office building they purchasedearlier this year.

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Built in the early 1970s, 30 Montgomery Streetwas among the first office towers ever to be built along thewaterfront. Among the most extensive New Jersey office buildingupgrades in decades – including a $5 million dollar exterior windowreplacement – the goal of the project is to position the buildingas one of the premiere corporate environments in one of the state'shottest class-A office and residential markets.

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“The investment by Onyx and its partnerRubenstein to upgrade 30 MontgomeryStreet speaks to the dynamic Jersey City real estatemarket,” said Jersey City's mayor, Steven Fulop.“Jersey City is on the leading edge of construction and jobcreation in New Jersey and this major investment to upgrade oldercommercial building stock is the latest example of how bullishinvestors are on our city.”

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As important as the city's economic growth is to the project,the complete support of the mayor, his administration and thecity's planning board has also been instrumental. The investorshave responded to the mayor's vision to activate the streets alongthe waterfront with increased commercial presence, incorporating anexpanded ground floor with a modern retail concourse as part of theredevelopment plan.

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“Right now, Jersey City has more cranes than any city in thestate,” says John Saraceno Jr., co-founder andmanaging principal, Onyx Equities. “With aresidential and commercial explosion rarely seen in history, it isthe only market that we would even consider a project of suchscale. There is considerable value for us to add to this perfectlysituated property.”

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In addition to an enhanced streetscape and ground-floor retailexpansion, the redevelopment of 30 MontgomeryStreet will include replacement of every window;refurbishment of the facade; modernization of the building's HVACsystem; a new state-of-the-art conference center; elevator landingand restroom renovations; and a new, expanded, two-story entrylobby.

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“We were able to begin this project in record time, which couldnot have happened without the backing from Jersey City'sforward-thinking government,” says Saraceno. “The partnership hasbeen seamless.”

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Steve Lubetkin

Steve Lubetkin is the New Jersey and Philadelphia editor for GlobeSt.com. He is currently filling in covering Chicago and Midwest markets until a new permanent editor is named. He previously filled in covering Atlanta. Steve’s journalism background includes print and broadcast reporting for NJ news organizations. His audio and video work for GlobeSt.com has been honored by the Garden State Journalists Association, and he has also been recognized for video by the New Jersey Chapter of the Society of Professional Journalists. He has produced audio podcasts on CRE topics for the NAR Commercial Division and the CCIM Institute. Steve has also served (from August 2017 to March 2018) as national broadcast news correspondent for CEOReport.com, a news website focused on practical advice for senior executives in small- and medium-sized companies. Steve also reports on-camera and covers conferences for NJSpotlight.com, a public policy news coverage website focused on New Jersey government and industry; and for clients of StateBroadcastNews.com, a division of The Lubetkin Media Companies LLC. Steve has been the computer columnist for the Jewish Community Voice of Southern New Jersey, since 1996. Steve is co-author, with Toronto-based podcasting pioneer Donna Papacosta, of the book, The Business of Podcasting: How to Take Your Podcasting Passion from the Personal to the Professional. You can email Steve at [email protected].