JERSEY CITY, NJ—Onyx Equities and Rubenstein Partners have completed a $20 million renovation at 30 Montgomery Street, one of Jersey City's original waterfront office buildings. The 15-story, 320,000-square-foot tower has been transformed into state-of-art, class A space and expanded with the addition of 8,000 square feet of retail space.

Built in the early 1970s, 30 Montgomery has been known for its panoramic Manhattan skyline view, but after Onyx and Rubenstein Partners purchased the building in 2014, they undertook the massive 11-month improvement project in order to position the building as a premiere corporate environment in a booming class-A office and residential market on New Jersey's "Urban Gold Coast."

Specific improvements included a complete replacement of windows, a high-efficiency HVAC system, installation of a backup generator designed to protect tenants' operations, a new executive conference center, modern finishes in the common areas, and the addition of a ground-level, urban retail amenity, which includes a 15-foot vaulted ceiling at the front entrance and possible outside, café-style seating.

"It was really tough to imagine the building that was here before becoming the building that you see today," says Jersey City Mayor Steven Fulop, who helped Onyx and Rubenstein mark the completion of the renovations last week. "It's going energize an area of the city. You're going to have retail down here, hopefully eating establishments, there's more coming to the waterfront and that's ultimately going to change this whole downtown waterfront area."

While the city's economic growth was a key factor in the decision to acquire and renovate the building, Onyx co-founder and managing principal John Saraceno said the complete support of Mayor Fulop, his administration and the city's planning office was equally instrumental. The investment by Onyx and Rubenstein Partners was a response to the mayor's vision for activating the streets along the waterfront, including increased commercial presence in the form of a modern retail concourse, which is part of the overall redevelopment plan.

"Jersey City has become one of the most desirable markets in the country for companies to locate, and the residential and commercial explosion that has taken place under Mayor Fulop's leadership is one of the great success stories in American urban history," says Saraceno. "This property is perfectly situated for us to add value through delivering a class-A corporate experience and a street-level retail presence. But without unwavering support from a Mayor and city council that clearly 'get it', this project would not have been possible."

Wired Certified Silver, the "new" 30 Montgomery St. enables tenants with heavy data-usage requirements to benefit from connectivity to high-speed fiber through a choice of three providers, while its location, one block from the PATH and Hudson-Bergen Light Rail station, offers easy access to Manhattan, all New Jersey Transit hubs, and the region's airports. An on-site garage ensures consistent tenant access to parking.

Vericon Construction was the lead contractor on the project, while Environetics designed the building's new features as the architect of record.

"We are excited to have been able to play a key role in a project that will be an important driver of further growth in Jersey City," says Vericon president Charlie DeAngelis. "The fact all parties involved shared a common vision enabled our talented team to complete the renovation in less than one year."

Pictured, from left, are: Mayor Fulop, Councilman Rivera and John Saraceno, co-founder and managing principal of Onyx Equtities.

Instant Insights /

Onyx and Rubenstein Complete $20M Jersey City Renovation

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