"Their expertise in the Newark marketplace coupled with their knowledge of redevelopment projects made the firm the right choice to handle our leasing effort," says Robert R. Martie, senior vice president and regional managing director for Advance.
The "redevelopment" reference involves a multi-million-dollar renovation of the 26-story, 33-year-old tower that Advance has already launched as a prelude to the marketing effort. "When renovations are completed, One Gateway will be one of the finest office and retail complexes in the marketplace," Cinque says.
One Gateway Center is part of a complex that includes four interconnecting office towers totaling 2.3 million sf, along with a 250-room Hilton Hotel and 80,000 sf of retail space. Gateway Center is located directly across from Newark's Penn Station.
In a deal that was arranged in late 2002 and closed in early 2003, Advance bought One Gateway Center, along with the retail component, from the Gale Co. and Tishman-Speyer Properties. The sale price was a reported $83 million. The other buildings within the complex remain under separate ownership and are not part of GVA Williams' exclusive.
The renovation, which is being designed by the Grad Partnership, will focus on the common areas of the office building and the retail concourse, according to Martie, including "dramatic new lobbies." The upgraded retail space will be positioned for a higher-end and more diverse tenancy.
The biggest task will be to fill the hole that was left behind when the local office of the FBI vacated the premises in late 2002, moving to its own, brand-new 200,000-sf office building on the Passaic River waterfront a short distance away. What the federal agency left behind was a nine-floor block totaling some 160,000 sf.
Altogether, approximately 190,000 sf is currently available at One Gateway Center, which is the oldest of the four Gateway towers. Current tenants include Merrill Lynch, the law firm of Saiber Schlesinger, the New Jersey EDA, the Port Authority of NY/NJ, and offices of US Senators Jon Corzine and Frank Lautenberg.
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