JLL Completes 2 Leases for Ownership with Law Firms at One Gateway in Newark, NJ Greenberg Dauber Epstein & Tucker, Landman Corsi Ballaine & Ford sign lease extensions totaling 34,386 square feet at Class A, 543,494-square-foot building
JLL has completed two transactions, totaling 34,386 square feet, for two separate law firms at the Gateway complex in Newark, N.J., for building owners Onyx Equities LLC, Garrison Investment Group LP, Taconic Capital Advisors LP and Axonic Capital LLC, and co-investment partner Prudential Financial Inc. Greenberg Dauber Epstein & Tucker PC leased 10,823 square feet and Landman Corsi Ballaine & Ford PC signed for 23,563 square feet at the Class A, 543,494-square-foot One Gateway, 7-45 Raymond Boulevard.
Since the beginning of 2019, JLL has completed 19 additional transactions, totaling 109,084 square feet, at Gateway, including the New Jersey Economic Development Authority/Choose NJ leasing 18,700 square feet at One Gateway, Prudential taking 15,749 square feet at Four Gateway, and HNTB Corp. signing for 11,387 square feet at Two Gateway.
The building owners were represented by Timothy Greiner, executive managing director and head of agency leasing for JLL in New Jersey; Blake Goodman, executive vice president; and Colleen Maguire, associate vice president. They worked closely with John Saraceno Jr., co-founder and managing principal, with Onyx Equities.
“Gateway’s reinvention provides not only a new front door for Newark adjacent to Penn Station, it establishes the finest concentration of prime office assets in New Jersey,” said Adam Karafiol, senior vice president of leasing with Onyx Equities. “In collaboration with JLL, our initial leasing work has attracted not only the headquarters for the state’s economic growth agencies, it also has resonated with long-term Gateway tenants who have other choices within and outside of the city. We look forward to building on an excellent start.”
“The Gateway complex offers four buildings of premium office space in downtown Newark,” said Goodman. “Greenberg Dauber and Landman Corsi recognized the value that Gateway brings to their employees and had the vision to commit to the building while Onyx Equities finalizes its multi-million dollar capital improvement plan. The complex’s premium location and ownership’s dedication to improving the buildings has pushed asking rents to $37.00 per square foot.”
Law firm Greenberg Dauber Epstein & Tucker signed a five-year lease extension for 10,823 square feet and will continue to occupy the sixth floor at One Gateway. Law firm Landman Corsi Ballaine & Ford inked a 10-year lease extension and expansion to 23,563 square feet and will now occupy the 22nd and 23rd floors at One Gateway.
“Everyone at Landman Corsi Ballaine & Ford is excited to see the transformation of the complex into the new Gateway,” said Gerald Ford, member with Landman Corsi Ballaine & Ford. “I also would like to thank Blake Goodman and Onyx’s leasing department for your patience and the very professional way in which the negotiations were handled. Our firm and its predecessor have been in One Gateway for 35 years. I don’t believe the building has ever been in better hands.”
Onyx Equities owns three of the four buildings within the Gateway complex, including One Gateway, Two Gateway and Four Gateway, for a total of approximately 1.6 million square feet of office space. The 26-story One Gateway, located at 11-43 Raymond Plaza West, totals 543,494 square feet, and was designed by Gruen Associates and constructed in 1971. The 18-story Two Gateway, totaling 794,000 square feet, was designed by Gruen Associates and constructed in 1971. The 16-story Four Gateway, also known as 247 Market Street, totals 330,900 square feet, and was designed by Grad Associates and completed in 1988.
Newly-redesigned by Gensler, Gateway amenities include a skyway connecting One Gateway directly to Newark Penn Station and a concourse with retail and restaurants. The area surrounding the complex offers a wide variety of entertainment and sporting venues, three nearby universities, and a myriad of shopping and dining options. The office building is adjacent to the Hilton Hotel and Conference Center.
JLL is a leader in the northern/central New Jersey commercial real estate market, with more than 1,000 professionals and support staff providing agency leasing and property marketing, tenant representation, industrial services, strategic consulting, occupancy planning, workplace strategies, project and development services, property and facility management, and investment sales/capital markets services to New Jersey's leading corporate tenants, investors and landlords. The firm, which assists clients from three full-service offices in Parsippany, Iselin (Metropark) and East Rutherford, also acts as a local service provider for JLL’s global and national corporate clients in need of real estate assistance in New Jersey. JLL’s New Jersey operations were honored by NJBiz magazine as one of its 2015 Best Places to Work in New Jersey.
About Onyx Equities LLC
Headquartered in Woodbridge, New Jersey, Onyx Equities LLC is a leading, full-service real estate firm specializing in investment, asset repositioning and ground-up development. Since its founding in 2004, Onyx has acquired more than $2.4 billion worth of real estate assets throughout New Jersey, New York, Pennsylvania and Connecticut. Onyx has executed over $230 million in capital improvement projects under its signature repositioning program. Driving Onyx’s success is its loyalty to core geographic markets, a seasoned team of expertise in all facets of real estate, its adaptability to market conditions, and the experience gained from managing over 66 million square feet since inception. Throughout its portfolio, Onyx takes aim at increasing operational efficiency, tenant satisfaction and long-term value. For more information contact the firm at 732-362-8800, or visit http://www.onyxequities.com/.
About Garrison Investment Group
Since its founding in 2007, New York-based Garrison Investment Group has acquired more $3.3 billion of real estate across property types. Garrison is a multi-strategy investment manager that deploys capital in opportunities across Real Estate (equity and debt), Corporate Finance (lending and distressed), and Financial Assets (commercial, industrial and consumer loans as well as hard asset lending and structured finance). Its team of experienced professionals enables the firm to source and execute defensible transactions across its multiple investing disciplines.
About Taconic Capital Advisors L.P.
Taconic Capital Advisors L.P. is a global institutional investment firm founded in 1999 by former Goldman Sachs partners Frank Brosens and Ken Brody. Taconic pursues an event-driven, multi-strategy investment approach dedicated to generating strong risk-adjusted returns with an emphasis on capital preservation. The firm has offices in New York, London and Hong Kong with over 39 investment professionals, including 9 investing principals who average 14 years of investment experience at Taconic and 79 business function professionals across legal/compliance, finance, operations, technology and investor relations. Taconic’s commercial real estate business is managed by James Jordan and Jon Jachman and focuses on sourcing value-add opportunities through non-traditional, off-market processes. Leveraging its diverse network of relationships with CMBS special servicers, lenders and local operating partners, Taconic seeks to generate attractive risk-adjusted returns through the strategic repositioning and re-introduction of well-located real estate assets.
About Axonic Capital
Axonic Capital is a New York based investment advisor founded by Clayton DeGiacinto in 2010. Axonic’s primary business manages client capital in commercial real estate (CRE), structured credit and systematic fixed income. Axonic and its affiliates currently manage approximately $2.5 Billion in assets and employ more than 42 professionals. Axonic’s CRE business is managed by Matthew Weinstein and invests client capital across a broad range of the CRE capital structure. Axonic invests in opportunistic commercial real estate equity transactions and employs an event-driven investment approach that seeks to unlock value by repositioning well-located assets that have been under-managed or are otherwise under-performing. Additionally, Axonic’s CRE debt platform focuses primarily on commercial real estate mezzanine loans and Agency CMBS b-pieces.
About Prudential Financial Inc.
Prudential Financial Inc., a global financial services leader, helps customers grow and protect their wealth through life insurance, annuities, retirement-related services, mutual funds and investment management. Founded on the belief that financial security should be within everyone’s reach, Prudential has been a pioneer in impact investing and is building a $1 billion portfolio of investments that combines both social and financial return.
About Gensler
Gensler is a global architecture, design, and planning firm with 49 locations and more than 6,000 professionals networked across Asia, Europe, Australia, the Middle East, and the Americas. Founded in 1965, the firm serves more than 3,500 active clients in virtually every industry. Gensler designers strive to make the places people live, work, and play more inspiring, more resilient, and more impactful.
About JLL
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.3 billion, operations in over 80 countries and a global workforce of more than 93,000 as of September 30, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
