Page 7 - RE-NJ May 2020

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MCCARTER EXTENDS LEASE AT 4 GATEWAY
One of the state’s largest law
firms has extended its nearly 120,000-square-foot lease at Newark’s Gateway complex, whose ownership is planning a sweeping upgrade and expansion.
Onyx Equities LLC, which leads the joint venture ownership, announced April 21 that McCarter & English LLP has signed a 10-year extension on its 117,300-square-foot space at Gateway Four in Newark. The historic law firm has been a tenant at the property for more than 30 years and is the latest occupier to recommit since Onyx and its partners acquired Gateway One, Two and Four last year, setting out to modernize the complex.
Onyx announced the deal alongside another large lease, a 96,870-square- foot commitment in Jericho, New York with 1-800-Flowers. The flower and gift distributor is relocating from Carle Place, also in Nassau County, while expanding by 20 percent.
“We’re seeing many of our tenants, including two nationally known companies, exhibit faith in the long-term strength of the economy,” said John Saraceno Jr., an Onyx co- founder and managing principal. “Our
A rendering of the revamped lobby at Gateway Four in Newark, where Onyx Equities LLC is planning a sweeping overhaul and expansion
acquisition strategy is based on our confidence that the most desirable
“comprehensive regional search to determine if we needed a new home” for its more than 400 Newark-based employees.
“The information learned, and the feedback from our employees, clearly established that Newark worked best for us, and staying at Gateway Four was the right decision,” said Joseph Lubertazzi Jr., McCarter’s chairman. “In addition to the ease of arriving in Newark by car and mass transit, there is easy access to the airport, Newark Penn Station for travel outside of the city and the courts. Besides amenities already in place, the new owners of Gateway Four have shared with us its plans for even more improvements to the complex.”
Bridgewater Commons is home to roughly 175 stores and restaurants, including lifestyle retailers and eateries like Seasons 52, Microsoft, Apple and Pottery Barn. The Village at Bridgewater Commons, meantime, houses 11 retailers.
Like other malls across the state, the main portion of the property was closed in mid-March in compliance with Gov. Phil Murphy’s executive order aiming to slow the spread of COVID-19. Restaurants with external entrances separate from the general mall entrance were allowed to stay
“With the excitement of Newark
and new ownership of the Gateway complex, we have enthusiastically reaffirmed our commitment to Gateway 4 and Newark until the year 2034 by signing a new lease.”
At the Gateway complex in Newark, Onyx is partnered with Garrison Investment Group LP, Taconic Capital Advisors LP and Axonic Capital
LLC, with co-investment partner Prudential Financial Inc. Its plans at Gateway include adding new public spaces, retail and dining options that will transform its busy commuter concourse and the surrounding streets, along with new lobbies and a modernized infrastructure.
open for takeout or food delivery.
Trademark touted its 28-year track record as a developer, value-add operator and adviser to institutional investors, one that has helped retail and mixed-use properties evolve to meet the needs of the community.
Its portfolio of retail and mixed-
used development, redevelopment, management and leasing expertise includes enclosed shopping centers such as Galleria Dallas and La Palmera in Corpus Christi, Texas, and Memorial City Mall and Market Street at The Woodlands in Houston.
MALL OWNER TEAMS WITH TEXAS FIRM
An investment group that owns the sprawling Bridgewater Commons mall has hired a Texas-based developer
to lease and manage the nearly 1.3 million-square-foot property.
The developer, Trademark Property Co., announced it will oversee the complex on behalf of institutional investors advised by J.P. Morgan Asset Management. The assignment includes the enclosed mall, which sits at the intersection of routes 22 and 202/206 in Bridgewater, along with the adjacent open-air Village at Bridgewater Commons.
The combined portfolio spans roughly 1.264 million square feet.
“Bridgewater Commons is a popular destination in northern New Jersey, and we are excited to help write the next chapter of its story and come up with ways to better serve this diverse and growing market,” said Terry Montesi, CEO of Trademark
Property Co. “We have a strong track record in operating these types of complex properties, and we see a
big opportunity to add even more vitality to this premier shopping and entertainment destination through property evolution initiatives, creative property management and strategic leasing efforts.”
In a news release, the Fort Worth- based developer, investor and institutional services firm noted that
John Saraceno Jr.
properties
will always outperform and that esteemed companies want to be associated with premier management. It is gratifying that the repositioning
of these assets continues to resonate with the market.”
In a news release, McCarter said it began to explore its options as its lease was nearing its termination. The firm worked with brokers from Newmark Knight Frank on a
Bridgewater Commons in Bridgewater
Courtesy: Trademark Property Co. Courtesy: Onyx/Gensler