|

Gateway Center, Newark, NJGateway Center, Newark, NJ

|

NEWARK, NJ—A joint venture amongGarrison Investment Group, AxonicCapital, Taconic Capital Advisors and OnyxEquities has acquired One, Two andFour Gateway Center in Newark, NJ.Prudential Financial, which has kept its globalheadquarters in Newark since its founding more than 140 years ago,will participate as a co-investment partner. The 1.6 millionsquare-foot transaction represents New Jersey's largest office dealof 2018, and brings back together under a single owner one of thestate's busiest office complexes.

|

“We are honored and thrilled to be part of Newark's renaissancein such a significant way.  GatewayCenter is now positioned to become Newark's greatestamenity, and arguably New Jersey's most important center ofcommerce, talent and connectivity,” says JohnSaraceno, managing principal and co-founder ofOnyx Equities. Increased residential investment inNewark and Harrison coupled with an uptick in corporate relocationsto Newark sparked the joint venture's interest in theGateway Center opportunity.

|

The partnership has aggregated the first majority interest inGateway Center's recent history. The partnershipis planning a multimillion-dollar modernization plan that it hopeswill create a more vibrant retail concourse. Approximately 60,000 people pass through the 1,400 linear-footconcourse each week, including PATH, NJ Transit and Amtrakcommuters, Gateway employees, neighboringemployees, visiting clientele, Prudential Centerspectators, and students from the New Jersey Institute ofTechnology, Rutgers University Newark andSeton Hall University.

|

The improvement plan will reinvent the concourse as adestination, the joint venture says, and will spur significantdemand from retailers and corporate office users who prioritizeaccess to transit and a talented, diverse workforce.

|

“We echo Onyx's excitement regarding theGateway Center acquisition” says EricRosenthal, managing director of GarrisonInvestment Group. “We look forward to contributing toNewark's positive momentum while repositioning the iconiccampus.”

|

Onyx Equities will serve as the operating arm,overseeing asset and property management, tenant relations, leasingand construction. Adam Karafiol andMatthew P. Flath of Onyx willlead office and retail leasing efforts.  A JonesLang LaSalle team of Tim Greiner, BlakeGoodman and Colleen Maguire has beenassigned as agent for Gateway One andTwo. An RKF team of GlennBeyer, Jerry Rockoff, and Rob Mackowskihas been assigned as retail agent. Gensler wasselected as project architect, led by DanaNalbantian. Rebranding and marketing assistance will beprovided by Real Estate Arts, led byMichael Goodgold.

|

“We are excited to be part of this incredible team whose focusis to create a unique and inviting experience for tenants andvisitors at the Gateway Center and bring theGateway Center back to prominence in Newark,” saysBlake Goodman, executive vice president atJLL.

|

JLL's capital markets group led by managingdirectors Thomas Walsh and JosephGaribaldi served as investment sale broker in thetransaction. Aaron Appel, vice chairman;Max Herzog, Jonathan Schwartz and AdamSchwartz, managing directors; MarkoKazanjian, vice president; and SeanBastian, analyst, all with JLL, advisedthe partnership on the acquisition loan.

|

“Well-capitalized and united ownership will provide the keyingredients in the Gateway Complex reclaiming itsreputation as one of the best transit-oriented office portfolios inthe Northeast,” says Walsh.

|

Correction, 1/11/2019, 3:49 p.m.: Because ofincomplete information providedto GlobeSt.com, an earlier version ofthis story omitted the names ofseveral JLL employees whoadvised the partnership on the acquisition loan.

Want to continue reading?
Become a Free ALM Digital Reader.

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

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].